On Wednesday the British Office of National Statistics revealed that in January, UK inflation dropped by more than analysts had predicted, falling to 10.1% annually. It was the lowest reading since September, giving hope Britons may soon begin to get some relief from the cost of living crisis.

According to the data, the consumer price index’s decline from 10.5% in December to 10.1% in January was mainly attributable to a slowing of fuel price increases. In a Reuters poll of economists, the consensus was January inflation would come in at 10.3%.

Core inflation, which removes the volatile food, energy, alcohol, and tobacco measures to get a look at how overall inflation is trending, came in at 5.3%, which was a decline from the 5.8% seen in December.

The fall in the headline rate was attributed to lower prices for housing, gas and electricity, and food and non-alcoholic beverages, according to the statistics office. The ONS also noted the largest drops in prices, from the December holiday period to January, occurred in transport, restaurants and hotels.

The report comes about a month prior to the next meeting of the Bank of England, on March 23rd, where the regulator will decide whether to raise rates yet again in its battle to contain the aggressive inflation afflicting the British economy, which has reached the highest levels since the early 1980’s. So far the Bank of England has raised rates at ten consecutive policy meetings over the last 18 months.

On Wednesday, following the ONS data release, UK Chancellor of the Exchequer Jeremy Hunt said, that while any decline in the rate of price increases is welcomed, “the fight is far from over.”

He added, “High inflation strangles growth and causes pain for families and businesses – that’s why we must stick to the plan to halve inflation this year, reduce debt and grow the economy.”