CPI inflation was 4.6% in October, says the ONS - down from 10.7% when he promised to halve inflation in January.
the PM's goal may have actually "contributed to increasing the persistence of inflation" by "anchoring" expectations closer to 5 percent.
Chancellor Jeremy Hunt could slice £2 billion off the welfare bill by raising benefits with today's new lower inflation figure, instead of September's 6.7 percent, report Bloomberg's Philip Aldrick and Ellen Milligan.
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