The rate of inflation has finally fallen back to its 2% target for the first time in almost three years.Latest data from the Office for National Statistics (ONS) show that the Consumer Prices Index (CPI) the headline measure of inflation, rose by 2.0% in the year to May, down from 2.3% in April. That was in line with City expectations.
Category
🗞
NewsTranscript
00:00A year and a half ago we had higher inflation than nearly any other major economy.
00:04Today it is lower and that shows the difficult decisions we've taken have paid off.
00:08That would not have happened under Labour.
00:10They refused to condemn the public sector pay strikes.
00:13That would have meant higher inflation for longer.
00:16Instead we have lower inflation, taxes starting to come down
00:20and hopefully now mortgages starting to come down.
00:24It would be a terrible shame if we turn the clock back
00:27and put up taxes for every family with savings
00:31which is what it now emerges Keir Starmer plans to do.