Today the latest figures confirm that inflation is down to 6.8 per cent, as we continue to take action and deliver on the Prime Minister’s priority to halve inflation.
Putin’s illegal war in Ukraine and the lasting effects from the Covid pandemic continue to have an impact across the world, but today’s figures show that our plan is working as inflation falls to 6.8 per cent.
We are taking action to drive down inflation – getting more people into work, cutting the price of energy, and taking a responsible approach to the public finances, while helping households with the cost of living by holding down bills through the Energy Price Guarantee and freezing fuel duty. But while price rises are slowing, we are not at the finish line. We must stick to our plan to halve inflation this year and get it back to the 2 per cent target as soon as possible.
The decisive action we have taken to tackle inflation is working, with inflation now standing at its lowest level since February last year – meaning more money in the pockets of working families.