Inflation falls further

New figures out today show inflation has fallen to 3.4 per cent - its lowest level in two and a half years, down from 11.1 per cent since 2022 – below the average rate of wage increases, effectively putting more money in many people’s pockets.

  • It remains a priority to get inflation down to the 2% target to protect living standards for all, especially those on low and fixed incomes.
  • Global factors including COVID and the war in Ukraine hiked up inflation, putting huge pressure on household finances. That is why we made it our priority to halve inflation. Because we stuck to our plan, inflation is now at its lowest rate in two and a half years at 3.4 per cent – a decisive fall down from 4.0 per cent last month and from its peak of 11.1 per cent. It is forecast to hit the 2 per cent target within months.
  • Our plan is working and this sets the scene for better economic conditions which could allow further progress to boost growth and bring down National Insurance as we work towards abolishing the double tax on work- putting more money in people’s pockets and building a brighter future.

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