Inflation

Treasury written question – answered at on 5 September 2023.

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Photo of Tom Randall Tom Randall Conservative, Gedling

To ask the Chancellor of the Exchequer, what progress he has made on reducing inflation.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

High inflation is the greatest immediate economic challenge that we must address. That is why the Government has made it a priority to halve inflation this year, on the path back to the 2% target. Our commitment to this target is iron-clad and applies at all times. The Bank of England has the Government’s full support as they take action to return inflation to target.

Inflation has already fallen by more than a third from the peak in October. We are on track to halve inflation this year: the majority of major forecasters agree in forecasting inflation to halve by the end of the year and subsequently return to target. However, this is not inevitable, and we must remain vigilant.

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