Inflation has slowed significantly, according to the latest update from the Office for National Statistics. The headline rate was 4.6 per cent in the year to October, down from 6.7 per cent the previous month. The sharp slowdown is largely attributed to last year’s hikes in energy prices dropping out of the data with the figures now reflecting Ofgem’s price cap reduction.
This major slowdown in the inflation rate allows Rishi Sunak and Jeremy Hunt to say that one of their five pledges for the year has been delivered.
In January, the prime minister promised to ‘halve inflation’ by the end of the year. The rate in January was 10.1 per cent on the year, so he and the chancellor needed to see the rate slow to roughly 5 per cent – still more than double the Bank of England’s target of 2 per cent, but far below the double digit inflation rate Britain had been enduring at the end of last year.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in