Sunak says he will reach goal of halving inflation despite stalling progress
UK inflation stayed at 6.7% last month as easing food and drink price rises were offset by higher petrol and diesel prices for motorists.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Rishi Sunak insisted he will meet his target of halving inflation despite progress stalling as the Consumer Prices Index (CPI) remained stuck at 6.7%.
The Prime Minister, who made bringing inflation down to about 5.3% by the end of the year his “number one priority”, said: “We’ve made great progress but I know there is still a way to go.”
The Office for National Statistics said CPI inflation in September stayed at the same rate as seen in August, with higher fuel costs cancelling out an ease in the pace of food and drink price rises.
But Mr Sunak and Chancellor Jeremy Hunt should get better news next month as the impact of dramatic energy price increases in 2022 fall out of the figures.
Mr Sunak said: “Tackling inflation remains my number one priority as Prime Minister.
“We will stick to our plan and get it done.”
The Government’s promise to halve inflation seems to not be worth the paper it’s written on
Mr Hunt said inflation “rarely falls in a straight line” but “if we stick to our plan then we expect it to keep falling this year”.
But shadow chancellor Rachel Reeves said: “Britain is forecast to have the highest rate of inflation of any other major economy next year, meaning higher energy bills and prices in the shop.”
And Liberal Democrat Treasury spokeswoman Sarah Olney said: “The Government’s promise to halve inflation seems to not be worth the paper it’s written on.”
James Smith from the Resolution Foundation think tank, which focuses on living standards, said inflation “should fall sharply next month” due to the changes in energy prices, possibly to below 5%.