Figures released on Wednesday confirmed that inflation is down to 6.8 per cent - lowest level since February last year. The figures show that the decisive action we have taken to tackle inflation is working. Cutting inflation is vital, as it leaves families with more money in their pockets, so this news is very positive.
The Government's work to drive down inflation continues, with focus on getting more people into work, cutting the price of energy, and taking a responsible approach to the public finances. The Government has already supported households with the cost of living by holding down bills through the Energy Price Guarantee and freezing fuel duty, and will continue to do all we can through the current difficulties.
In addition to this, it was announced that wages are rising at their fastest rate ever, giving more people the security of their own income. Furthermore, the employment rate remains at a near record highs at 75.7 per cent – with 4 million more people in employment since 2010 and 1.2 million more people in payrolled employment since before the pandemic.
Justin Tomlinson said: "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."
