Rishi Sunak insists he will meet his target of halving inflation

18 October 2023 , 14:26

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The PM has a goal of halving inflation. (Image: PA Wire/PA Images)

Rishi Sunak, the Prime Minister, has insisted that he will achieve his goal of halving inflation despite a lack of progress.

The PM stated: "We've made great progress but I know there is still a way to go."

The Office for National Statistics reported that the Consumer Prices Index (CPI) remained at 6.7% in September, the same as August, with rising fuel costs offsetting slower food and drink price increases.

Mr Sunak said: "Tackling inflation remains my number one priority as Prime Minister. We will stick to our plan and get it done."

However, Rachel Reeves, the shadow chancellor, warned: "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."

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Sarah Olney, the Liberal Democrat Treasury spokeswoman, also criticised the government's pledge to halve inflation.

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%.

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Steve Charnock