Inflation - Question

Part of the debate – in the House of Lords at 3:08 pm on 23rd May 2022.

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Photo of Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip) 3:08 pm, 23rd May 2022

The independent Office for Budget Responsibility set out the official inflation forecast in its March economic and fiscal outlook. It expected CPI inflation to peak at 8.7% in the fourth quarter of this year, before falling back towards the 2% target. We understand how rising costs are impacting the costs of living. The Government are providing support worth over £22 billion this year to help families with these pressures.