Inflation falls to 7.9&
Today the latest figures confirm that inflation is down to 7.9 per cent, as the government continues to take action to deliver on the Prime Minister’s priority to halve inflation. Clearly there is more to do - we need to get it down much further - but this is a positive sign.
- The IMF confirmed that we have acted decisively to tackle inflation, and although there is more to do, it is good news that inflation stands at 7.9 per cent, down from just over 10 per cent at the beginning of the year.
- We are taking action to drive down inflation – getting more people into work, cutting the price of energy, taking a responsible approach to the public finances, and supporting the Bank of England, while helping households with the cost of living by holding down bills through the Energy Price Guarantee and freezing fuel duty. This is alongside over £3,300 cost of living support this year and last.
- We will not hesitate in our resolve to support the Bank of England as it seeks to squeeze inflation out of our economy, while also providing targeted support with the cost of living.