Inflation falls to 4.6% as government meets target early
New data shows a sharp fall in UK inflation, down to 4.6%. It’s the lowest rate since November 2021, the rate in September was 6.7%.
The fall is mainly due to lower energy prices.
The government has pledged to halve inflation this year, from 10.7% at the end of 2022. Figures also show that core inflation has also slowed – from 6.1% to 5.7%.
A Treasury statement says: “In January we said we’d halve inflation. Today we’ve done that – inflation is now 4.6%.
“Why does that matter?
“Because it means people keeping more of what they earn, letting them provide for their families, do the things they love and invest in their futures.”
Prime Minister Rishi Sunak said:
“Inflation works like a tax. It eats into the pound in your pocket, affecting the price of your food shop, your mortgage, the size of your pension pot.
“This is why halving inflation has been my number one priority.
“Getting it down has involved hard decisions and fiscal discipline.
“Official figures released this morning confirm we have halved inflation, meeting the first of the five priorities I set out at the beginning of this year.
“But while it is welcome news that prices are no longer rising as quickly, we know many people are continuing to struggle, which is why we must stay the course to continue to get inflation all the way back down to 2%.”
PM Rishi Sunak
