By Neal Wallace

The rate of inflation in the UK fell 0.2 points in October, from 5.2 per cent to five per cent.

According to the Consumer Prices Index (CPI), which measures inflation for the UK, falls in the price of food, air transport and fuel helped to push the rate down.

However, despite the drop, the figure is still well above the Bank of England's target of two per cent.

The Office for National Statistics (ONS) has said that heavy supermarket discounting and a good harvest drove down food prices last month, but the overall trend was offset by "upward pressures" from clothing, furniture, electricity and gas.

Retail Prices Index (RPI) inflation, which includes mortgage interest repayments, also fell by the same amount, from 5.6 per cent to 5.4 per cent.

Figures released by the ONS earlier this month revealed that the UK's economy grew by 0.5 per cent during the third-quarter of 2011, compared with a 0.1 point growth in the previous quarter.