Where is the government getting it wrong? The Labour party had fully funded and costed measures that economists said would reduce inflation, the government chose another path and we have seen inflation sky rocket, says peterkyle 📺 Sky 501/ YouTube
However, upwards pressure remained from household gas and electricity and food, including essentials such as bread, milk and eggs.
The latest figures were released against a backdrop of hopes that a deceleration in inflation would allow the Bank of England to pause its action to battle inflation through interest rate rises. released on Tuesday also showed that wages continued to creep upwards, albeit at levels well below CPI.The Bank has previously expressed worries that wage rises seeking to combat the hit to household budgets from inflation, which have come into sharp focus during the winter strikes across the economy, risk stoking inflation ahead.
"Instead of retreating below double digits, CPI is staying stubbornly high, causing more pain for companies and consumers."Chancellor Jeremy Hunt said:"These figures reaffirm exactly why we must continue with our efforts to drive down inflation so we can ease pressure on families and businesses.
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