UK inflation has dropped to its lowest since February 2022, following cut in energy price cap, but IPPR warns economy could fall into recession
- Full story: UK inflation falls sharply to 6.8% as cost of living pressures ease
- Bank of England under pressure to raise rates after record jump in basic pay
Political reaction to this morning’s inflation report is flooding in.
Chancellor of the Exchequer Jeremy Hunt claims the government’s ‘decisive action’ has pulled inflation down, saying:
“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.
“After 13 years of economic chaos and incompetence under the Conservatives, working people are worse off – with higher energy bills and prices in the shops.
“Labour’s plan to build a strong economy will make working people better off by boosting growth, improving living standards and cutting household bills.”
