Inflation falls to 3.2%

Today official data confirmed inflation has fallen again to 3.2 per cent, showing that the Conservatives' economic plan is working and that we have achieved one of the Prime Minister's top five priorities, which he took office last year. 

  • Inflation is falling faster than expected, down from over 11.1 per cent to 3.2 per cent, the lowest level in nearly two and a half years, helping people’s money go further. 
  • This welcome news comes on top of our cuts to national insurance, which save the average worker £900 a year, so people should start to feel the difference as well as see it in their pay cheques.


Comments

Jim said…
This is such a mis-understood point. Inflation has fallen to 3.2% instead of 11.1. well ok but it does not undo the damage that 11.1% caused. In fact it continues to make it worse.

An analogy. I'm going to whip you on your back 11 times each minute, does it ease it if I say in six months I'm only going to whip you 8 times a minute, and then in another 6 months only 3 times. I'm really not helping your back heal am I.

I think the key is here we need a fundamental change to the money system to be honest, because the current one really doesn't work.
4:18 pm
Chris Whiteside said…
I don't disagree that inflation is still too high and getting it down further should remain a high priority.

Nor do I disagree that we should look for ways of embedding a low inflation rate, or even one which averages zero over time, into our economy. I am not convinced by the consensus among economists that we should assume a certain low level of inflation (like 2%) is necessary to keep the economy working at full capacity.

However, inflation in the 0% to 4% target range - where we now are - is massively less damaging than the 10% plus range where we were when the present PM took office.
10:03 am
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