Inflation
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of recent trends in the rate of inflation on (a) consumers and (b) businesses.
Answered by Emma Reynolds
Consumer Prices Index (CPI) inflation has normalised after an inflationary shock resulted in it peaking at 11.1% in October 2022. The independent Office for Budget Responsibility say that they expect inflation to remain close to the 2% target throughout the forecast period. The Government fully supports the independent Monetary Policy Committee of the Bank of England in maintaining price stability sustainably in the medium term.
Inflation creates uncertainty for consumers and businesses. Which is why we are putting the public finances on a sustainable path and investing in the future. That is the most important thing to support working people and create a stable environment for growth.
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