Inflation in the U.K. fell to below the Bank of England’s 2% target in September for the first time in more than three years, boosting the chance of an interest-rate cut next month.

Consumer prices were 1.7% higher in September than the same month of last year, easing from the 2.2% rate of inflation in August, and reaching the lowest level since April 2021, the Office for National Statistics said Wednesday.