Charlotte Hawkins delivers breaking news on Good Morning Britain in important update

Charlotte Hawkins paused Good Morning Britain today to share the latest economic update.

On today's show, she paused the programme to reveal that UK inflation rate has slowed to a rise of only 1.7 percent in September, slipping below the Bank of England's target of two percent for the first time in nearly three years.

Switching gears, she passed the baton to Jonathan Swain, reporting live from Penge, who explained: "It doesn't mean things are getting cheaper. It means prices are not rising as fast as they once were.

"I'll take you back to October 2022 when inflation was at 11 percent, and that rate has now dropped to 1.7 percent. Normally, when inflation rates come down, you expect mortgage rates to come down as well. However, that is not necessarily the case."

The report also laid out the impacts this could have on public pockets - with September's figure being pivotal in determining the increase in several benefits like as well as major disability allowances and carer's allowance, all slated for adjustment next April.

In an assessment that will cheer motorists up, the Office for National Statistics confirmed a significant reprieve in motor fuels and lubricants, noting prices sank by 10.4% in September compared with the same month last year, reports .

Airfares, too, played a role in tempering inflation rates, attributed to decreased costs following typical post-summer sales.

Yet, the update wasn't all positive, as food and non-alcoholic drink inflation cast a shadow with noticeable hikes in the price of essentials such as milk, cheese, eggs, and fruit hitting household finances.

The Treasury's Chief Secretary, Darren Jones, has welcomed the slowdown in price increases as "welcome news for millions of families". However, he stressed that more work is needed to protect working people and restore economic stability.

Interestingly, core inflation, which excludes energy, food, alcohol and tobacco, has also decreased, although it remains higher than the headline CPI index. The Core CPI rate was 3.2% in the year to September, down from 3.6% in August.

Goods prices fell at a faster pace, dropping to -1.4% last month from -0.9% in August. Services inflation, which increased over the summer due to the '' effect and is partly influenced by wages, also slowed from 5.6% to 4.9%.

These factors could potentially lead to an interest rate cut in November, with some speculating a reduction of 0.25 percentage points may be possible, and a further cut in December not out of the question.

Amy Knight, a personal finance expert at NerdWallet UK, commented: "The difference between a 0.25 and 0.5% drop could have a significant bearing on monthly repayments for new and existing mortgages."

"Borrowers who've found high rates particularly painful can look forward to having a portion of their income back, making family finances less stressful. First-time buyers could also find it easier to pass lenders' affordability checks, particularly if they've been diligent about maintaining their credit history."

*Good Morning Britain airs weekdays at 6am on ITV1 and ITVX.