Consumer Prices Index
(asked on 25th March 2024) - View Source
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the factors contributing to the recent decline in consumer prices inflation.
This question was answered on 8th April 2024
The Monetary Policy Committee (MPC) has raised interest rates, which is helping to bring inflation down and return to the 2% target sustainably. The Government's responsible approach to borrowing has helped support the MPC as it brings inflation down.
The Office for Budget Responsibility expects CPI inflation to fall to the 2% target in the second quarter of 2024, a year earlier than they expected in November.