In January the Prime Minister pledged to halve inflation by the end of the year. We’ve taken a look at the numbers, after a Sky News presenter said the government wasn’t “anywhere near” its target.
Is the government on track to meet its target?
While it’s true that the government is not expected to reach its long-term target of 2% inflation by the end of this year, as we’ve explained, meeting the Prime Minister’s pledge of halving inflation would not require the rate of inflation to reach this level., meaning that, based on a starting point of 10.7%, inflation has fallen by 2.8 percentage points.
It’s crucial to note that falling inflation does not necessarily mean that prices are falling. Halving inflation would still mean that prices are substantially higher than the previous year, with 5% inflation more than twice the government’s long-term inflation target of 2%.
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