Kevin Brown, savings expert at Scottish Friendly, has commented on this morning's inflation data from the ONS

"A fall in inflation is a clear sign that price pressures are finally easing and will be taken as welcome reassurance by policymakers. After a prolonged period of stickiness, today’s data strengthens the case that inflation is now moving sustainably in the right direction.

“Taken together with slowing wage growth and a weakening economy, a rate cut this week now looks nailed on. And we expect at least one, but possibly two further rate reductions over the coming 12 months.

“For borrowers, this is the most encouraging backdrop they’ve seen in a while. Falling inflation and lower interest rate expectations should continue to feed through into more competitive mortgage pricing, which will benefit those coming to the end of fixed-rate deals.

“As for savers, it means the best rates won’t be around for long – so now is could be the time to act. And for those looking to improve their chances of outpacing inflation, investing remains the more effective option to provide the potential for greater returns over the long term."