Inflation

The Conservative government remains committed to our plan to halve inflation this year and is supporting the Bank of England as it seeks to squeeze inflation out of our economy, while also providing targeted support with the cost of living in the meantime.

• Economies around the world are facing high inflation driven by Putin’s illegal war, higher energy prices and economies bouncing back from the pandemic – we know how much this high inflation hurts families and business across the country. 
• That is why one of our five promises is to halve inflation by the end of the year. The ONS confirmed this morning that inflation remained at 8.7 per cent, still lower than the 10.1 per cent at the start of the year – showing we are making progress towards our target, but we know there is much more work to do.
• We will not hesitate in our resolve to support the Bank of England as it seeks to squeeze inflation out of our economy, while also providing targeted support with the cost of living in the meantime.