Chancellor of the Exchequer said:
“The decisive action we’ve taken to tackle inflation is working,
and the rate now stands at its lowest level since February last
year.
“But while price rises are slowing, we’re not at the finish line.
We must stick to our plan to halve inflation this year and get it
back to the 2 per cent target as soon as possible.”
Additional information:
- The majority of major forecasters now say our plan to halve
the rate this year is on track. We are tackling it by:
- Supporting the Bank of England and the 2% inflation target.
- Resisting calls for reckless spending that would make
inflation worse.
- Introducing ambitious measures to help people back into work.
- Investing in clean, home-grown energy.
- Encouraging banks to pass on higher savings rates and
supermarkets to help families with the cost of living.
- The Bank of England Monetary Policy Report forecasts that
inflation will fall below 3% in a year’s time.
- Food inflation is slowing. The latest ONS statistics show
food inflation has slowed to 14.9% (from 17.4% last month) and
Kantar’s grocery market figures show food inflation slowing for
fifth month in a row.
- Monetary policy is the responsibility of the independent Bank
of England. The government remains fully committed to the Bank’s
independence, and the inflation target of 2%.
- Total government support to help households with rising bills
in 2022-23 and 2023-24 totals £94 billion, which is equivalent to
£3,300 per household on average.
