The Chancellor has responded to ONS inflation statistics for
February 2023.
Chancellor of the Exchequer, said:
“Falling inflation isn’t inevitable, so we need to stick to our
plan to halve it this year.
"We recognise just how tough things are for families across the
country, so as we work towards getting inflation under control we
will help families with cost of living support worth £3,300 on
average per household this year."
Responding to inflation figures out this morning,
Labour's Shadow Chancellor said:
"The reality is that under this Tory government, families are
feeling worse off and nothing is working better than it did 13
years ago.
"The cost of living crisis is still biting hard, and taxes are
rising, yet the government chose to use the Budget to hand a £1
billion bung to the top 1%.
"Labour will stand with working people and with our mission to
secure the highest sustained growth in the G7, make families
across every part of our country feel better off."
IPPR responds to inflation figure
Responding to the ONS CPI figures for February Dr George
Dibb, head of the Centre for Economic Justice at IPPR,
said:
“February’s surprise increase in inflation will raise
more concerns for households whose budgets are already stretched
to their limits. With some of the biggest contributions to rising
prices coming from essentials like food, drinks and
clothing most households will find that their pay packet
doesn’t stretch as far.
“From an economics perspective, all eyes now turn to
tomorrow’s announcement from the Bank of England's interest rate
setters. Rising ‘core’ inflation will raise concerns amongst
central bankers that inflation is increasingly embedded. However,
it's important to note that all the major forecasters are
expecting a significant drop in inflation - even deflation -
later in the year.”
Responding to new monthly inflation figures that remain
persistently high, JRF senior economist Rachelle Earwaker,
said:
"With today's rise, the rate of inflation has been over 10% for
six months in a row.
"Many will simply not have the resources to bear another shock
like this. To put this in context, we found that nine in ten
families on Universal Credit said they couldn't afford the
essentials in October last year. Since then, inflation has been
in double digits for a further five months, with the cost of
essentials like food, clothing and utilities soaring.
" According to today's data, food prices have risen by 18% in the
year to February - their highest rate in over 45 years - and
clothes and footwear have risen by 8.1%.
"These should be flashing warning signs to the Government that
tinkering with policies won’t be enough to head off the many
escalating crises facing people on low incomes. A much more
fundamental shift in our economic and political system is needed
to provide the good jobs, social security system and homes we
deserve."
