Inflation
The question
To ask the Chancellor of the Exchequer, what steps she is taking to help return inflation to the target rate.
Answered by Emma Reynolds
Inflation has fallen from the peak of 11.1%, returning to the 2% target in September 2024, before slightly increasing again to 2.6% in March.
The Bank of England has the responsibility of controlling inflation, and the Government fully supports them as they take action to sustainably return inflation to the 2% target. The independent Monetary Policy Committee (MPC) at the Bank of England has cut Bank Rate three times since August as underlying inflationary pressure has eased.
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