Prime Minister Rishi Sunak said he had delivered on his pledge to halve inflation after today’s sharp drop in the consumer prices index.
Sunak said: “In January, I made halving inflation this year my top priority. I did that because it is, without a doubt, the best way to ease the cost of living and give families financial security.”
“Today, we have delivered on that pledge.”
Chancellor Jeremy Hunt was also upbeat, declaring that “we are beginning to win the battle against inflation”.
Hunt said that the government’s “very difficult decisions” on borrowing had helped hit the goal of halving inflation this year.
But he also cautioned that “there’s lots more work to do” to get inflation down to the actual UK inflation target of 2%.
“We are beginning to win the battle against inflation, we can move to the next part of our economic plan, which is the long-term growth of the British economy,” he said.
“That’s why next week will be an autumn statement for growth.”
But shadow chancellor Rachel Reeves has warned the government not to start “popping champagne corks” about the fall in the rate of inflation.
Reeves pointed out that people still struggling with the cost of living.