When Rishi Sunak delivered his five key pledges at the start of January, the latest data we had for the inflation rate was for last November. It was up 10.7 per cent on the year, having fallen from a peak of 11.1 per cent the month before. Everyone thought this was the start of a fast and spectacular fall, with virtually all forecasts showing a welcome decline in the rate of inflation.
Off the back of those forecasts, the Prime Minister oozed confidence when he promised to ‘halve inflation’ by the end of this year. Speaking to an audience in Stratford, Sunak promised that an ‘ease’ to the cost-of-living crisis and greater ‘financial security’ was on its way. His Chancellor, Jeremy Hunt, then took that promise and ran with it – going so far as to make a video for social media, using coffee cups as props to explain how the government was going to force the rate of inflation down.
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