Charities urge government not to ‘fiddle’ benefits increase after inflation hits two-year low – as it happened

The drop in Britain’s energy price cap helped household finances last month Photograph: Tolga Akmen/EPA

3.30pm GMT

Closing post

Time to wrap up, after a busy day which saw the UK inflation rate drop by the most since 1992, and a chorus of warnings that the government must not cherry-pick today’s CPI reading to set benefit increases next year.

Here are today’s main stories, first on inflation:

The latest on our Cyprus Confidential investigation:

And in other news:

2.44pm GMT

This morning’s drop in the UK’s inflation rate means savers now have a choice of cash savings accounts that beat inflation, for the first time in more than two years.

The drop in the Consumer Price Index (CPI) measure of inflation to 4.6% in October means some standard cash savings accounts now beat inflation, financial information website Moneyfactscompare.co.uk said

It counted 56 easy access accounts, 86 notice accounts, 46 variable-rate Isas, 215 fixed-rate Isas and 489 fixed-rate bonds.

Highlighting some deals, based on someone having £10,000 to put away, Moneyfacts noted a 5.20% easy access account from Ulster Bank, a notice account from Shawbrook Bank paying 5.56%, and a one-year fixed-rate bond from Metro Bank at 5.91%.

Looking at cash Isas, Virgin Money is offering a one-year fixed-rate at 5.85%.