Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment has he made of the potential impact of the war in Ukraine on inflation in the next three years.

High inflation to date has been pushed up by global factors, including Russia’s invasion of Ukraine, which has led to significant price increases in goods and energy. In addition, the recent tightening in the labour market and rising cost pressures means that domestic factors are also playing a role and that inflationary pressures are becoming more broad-based. The independent Office for Budget Responsibility is the government’s official forecaster and will produce its next forecast in the autumn.

The government understands the pressures people are facing with the cost of living because of high inflation. The government is providing over £15bn of additional support, building on the over £22bn announced previously, with government support for the cost of living now totalling over £37bn this year.