Consumer Prices Index

Treasury written question – answered am ar 8 Ebrill 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask His Majesty's Government what assessment they have made of the factors contributing to the recent decline in consumer prices inflation.

Photo of Baroness Vere of Norbiton Baroness Vere of Norbiton The Parliamentary Secretary, HM Treasury

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.

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