Official figures show that the annual rate of inflation in Britain fell to 2.4% in September from 2.5% the previous month owing to lower fuel costs.
But the inflation rate remains above the Bank of England's 2% target for the fifth month in a row.
On a monthly basis, the consumer price index rose by 0.1% in September, compared with an increase of 0.4% in August, according to the Office for National Statistics.
Economists had predicted the drop, and many believe the BoE will still hike interest rates later in the year. They believe last month's fall will be a blip, with the impact of higher university tuition fees likely to pump the rate back up in October.
Last month's fall was sparked by a record 6.4p per litre drop in the price of petrol from 97.5p in August to 91.1p in September, with diesel experiencing similar falls.
Elsewhere, rising prices of furniture and electrical goods had an upward effect on inflation, with higher fees for part-time education classes also impacting.
