Inflation eats into the pounds in your pocket, affecting the price of your food shop, mortgage and the size of your pension pot – which is why the Prime Minister pledged to halve it by the end of this year.
The morning's figures show that the Prime Minister has fulfilled his pledge. The inflation rate has come down from its peak of 10.7 per cent in October 2022 to 4.6 per cent this October following government action to hold down energy bills and carefully steward the public finances.
Of course, the work continues, as it is important that we get inflation down to the Bank of England target of 2 per cent to give further support to households and businesses.
