So the latest figures have annual CPI inflation – the Government’s official measure – at 4.4 percent. It’s the highest figure since records began in 1997. And, at 0.6 percent higher than last month’s figure, the biggest monthly change as well. The Government target of 2 percent has been well-and-truly smashed.
But despite these grim records, it still signficantly undercuts the levels of inflation that the public will be facing. The RPI figure for inflation – which includes mortgage repayments – is higher, at 5 percent (for more details on this, see Fraser’s briefing on Brownie No1: Inflation). But even that fails to capture the above-inflation rises in water bills, and energy price rises of 35 percent. And there’s more: the website Mysupermarket.co.uk today reveals that the average family has seen their spending on groceries rise by 27 percent over the past year.
Of course, it’s always going to be difficult for a government to remain popular when voters are feeling the fiscal squeeze.
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