Local MP, Paul Howell, today welcomed news that the UK's Consumer Price Index (CPI) has fallen below the Government's target of halving inflation by the end of the year, reaching a level of 4.5% in October 2023. This represents a significant decline from the peak of 9.1% recorded in April 2023.
The Chancellor of the Exchequer, Jeremy Hunt, welcomed the news, stating that it was a "testament to the Government's economic policies" and that it would "bring much-needed relief to households across the country."
The fall in inflation has been attributed to a number of factors, including the Bank of England's interest rate hikes, the easing of global supply chain disruptions, and the Government's support for businesses and households.
However, economists have cautioned that inflation is likely to remain volatile in the short term, due to the ongoing war in Ukraine and the uncertainty surrounding the global economy.
Despite these challenges, the Government remains confident that it will be able to bring inflation down further in the coming months. The Chancellor has pledged to continue to provide targeted support to those who are most vulnerable to the rising cost of living.
Key Points:
- UK inflation has fallen to 4.5%, below the Government's target of halving inflation by the end of the year.
- The decline in inflation is attributed to a number of factors, including interest rate hikes and easing supply chain disruptions.
- The Government is confident that it will be able to bring inflation down further in the coming months.
Commenting, Paul Howell MP, said:
Low inflation is a lifeline for working families. It means their hard-earned money goes further, allowing them to afford the essentials they need to live a decent life. When inflation soars, it's these families who bear the brunt, struggling to make ends meet and falling behind. Keeping inflation in check is not just an economic issue; it's a matter of fairness and social justice.
