Treasury written question – answered on 9th January 2023.
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of increasing covid-19 infections in China on the rate of inflation in the UK.
Since mid-2021, inflation has been pushed higher by global pressures, such as supply chain disruptions from Covid-19 and Russia’s war against Ukraine, which has raised energy prices. More recently, tightening in the labour market means that domestic factors are now playing a role.
The Government is mindful of both the domestic and international risks that might affect the UK economy. We monitor these risks closely, including the rise in Covid-19 cases in China.
The independent Office for Budget Responsibility is the government’s official forecaster and will publish its next forecast on the economy, including for inflation, on 15 March.
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