A slight fall in consumer price index (CPI) inflation might be the turn of the tide, analysts hope.
Figures from the Office for National Statistics showed CPI had fallen to five per cent, down from the high of 5.2% in September.
It is hoped that inflation will slowly fall until next summer, boosting prospects for growth in an economic environment which otherwise looks very bleak.
Labour are using the figures to highlight the "squeeze" faced by ordinary people, as the broader debate about the coalition's austerity agenda continues.
But both sides of the argument are struggling to win over voters, with the spending cuts now starting to bite.