Following this morning’s inflation data from the Office for National Statistics (ONS) Chancellor Jeremy Hunt has warned the UK still has a distance to go before it can consider the job done.
Official figures show that inflation fell to 6.8% in July, down from 7.9% in June, but above the consensus of 6.7%.
However, core inflation remained sticky at 6.9%, also slightly above the consensus of 6.8% and close to a 31-year high.
But the figure remains well above the Bank of England’s target of 2% and the Prime Minister’s promise to get inflation below 5% by year-end.
Hunt said: “The decisive action we’ve taken to tackle inflation is working, and the rate now stands at its lowest level since February last year.
“But while price rises are slowing, we’re not at the finish line. We must stick to our plan to halve inflation this year and get it back to the 2% target as soon as possible.”
