It has been a long road down from the peak of 11.1% in October 2022 and a great deal of hardship has been felt along the way.
The return to earth poses questions for the Bank of England, the government, both current and future and, most importantly, in the real world, where households are desperate for relief from relentless cost pressures.
The most immediate issue is for the Bank, whose Monetary Policy Committee meets today to ponder a decision on interest rates that will be communicated at midday on Thursday.
