Rishi Sunak insisted his plan to halve inflation is working but commentators said it was not a foregone conclusion.
While soaring energy prices have eased substantially and the pace of change in food costs has also come down, other aspects of inflation have remained stubbornly high.
Wednesday’s ONS release showed the so-called core CPI, which excludes energy and food, was unchanged at 6.9%, while there was a rise in services from 7.2% to 7.4%. IFS research economist Heidi Karjalainen said: “The Prime Minister’s target to halve the rate of inflation by the end of the year was always a little odd as there is only so much the Treasury can do to influence the pace of price increases.
“With only four months to go, it no longer seems at all clear that inflation at the end of the year will have fallen by enough to achieve it.”
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