The PM’s remarks came after the Office for National Statistics said Consumer Prices Index inflation was 6.8 in July, down from 7.9 in June.
Rishi Sunak has outlined his hopes to ensure Britons feel better off next year, amid warnings that the UK economy faces a “very real risk” of recession due to higher interest rates.
Nevertheless, it still represents a sharp increase in the cost of living for Britons over the past year and is significantly above the Government’s 2% inflation target. Mr Sunak, asked if people will feel better off in a year’s time, told The Times: “That’s my job, to make sure that not just happens but they feel that that’s happening. You can start to see now that there is a prospect of wages growing faster than inflation going forward.“We’ve got a challenge right now to overcome but I’m entirely confident we will do it. Is it taking a bit longer than anyone would like? Of course it is, but we’re making progress.
Economists have most recently forecast that the Government will just achieve this, with the Bank of England currently projecting inflation to be around 4.9% in the last three months of the year. “Core inflation was unchanged in July, with the falling cost of goods offset by higher service prices.”
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