Inflation has officially fallen to 4.6 percent in the 12 months to October, following a 41-year high of 11.1 percent in October 2022.
The rate has dramatically plummeted, with inflation at 6.7% for the 12 months to September.
The drop is largely fuelled by the fall in energy prices as the price cap slashed bills by about 7 percent from the start of October.
It means savers can finally start making a return when putting their money into savings accounts.
At NimbleFins we update our Best Savings Account Guide every week with the best rates.
For the last two years, interest rates have been lower than inflation, meaning any money tied up in a savings account has been losing value. Essentially, if you put some money away two years ago, it is now worth less than it was because rising prices (inflation) mean you can buy less with it.
However, with inflation at 4.6%, some savings accounts can now bring you a profit.
If you're happy to tie your money up for a year, you could earn 5.91% with Metro Bank. That's 1.31% above inflation before tax.
For those with a smaller amount to save, Nationwide offers 8% on monthly deposits up to £200 a month.
There are even plenty of easy-access accounts offering inflation-busting rates. Metro Bank offers 5.22% for 12 months - 0.62% above inflation, while Ulster Bank is offering 5.2%.
Tax on savings
Remember, you may have to pay tax on earnings from your savings. Basic rate taxpayers can earn £1,000 on savings before having to pay 20% on anything over that.
Higher rate taxpayers can earn up to £500 tax free before paying 40% on earnings from savings.
Because interest rates are so much higher than they have been in recent years, it's thought 1.7million people are set to pay tax on their savings, NimbleFins previously reported.
The drop in inflation means the Government has hit its target to halve inflation by the end of the year.
However it is still way above the Bank of England’s target of 2%. It also doesn’t help struggling families - while prices aren’t rising as fast as they were, they are still rising.
Speaking ahead of the Autumn Statement, Mr Sunak said his was a Government "that gets inflation down and keeps it down".
Chancellor Jeremy Hunt said on Sunday: "We do recognise things are tough. We're not out of the woods yet.
"But I think it is also the case, as we focus on growth, that there's too much negativity about the British economy.
"There is a sort of defeatism. Actually, when you look at it, there's a lot going for it.
"One example, the sector that is going to define all of us in the next 20 years, the technology sector, we have just become the third largest in the world after the United States and China. That is going to be a tremendous strength going forward for the UK."
Labour's shadow chancellor of the Duchy of Lancaster and national campaign co-ordinator, Pat McFadden, said: "After 13 years of Conservative governments, working people have been left worse off and the Conservative economic record lies in tatters. Only Labour can get our economy growing and deliver change for working people."