The OBR has said inflation could be 1% higher by the end of the year thanks to a long spike in energy prices. Just Reeves’s luck…
David Miles, member of the OBR’s budget responsibility committee, told MPs in the Commons:
“If there’s no change in the picture on prices from now on forward, we estimate something like a 1% higher level of consumer prices in the UK by the end of the year
We had thought, without taking all this into account, that the inflation rate in the UK might be pretty close to 2%.
Right now, if prices don’t change from where they are – both the spot and market expectations for futures prices, which is particularly important for the Ofgem price cap – by the end of this year we think the inflation rate would end the year not near 2% but nearer 3%.”
Labour has been unable to push inflation sustainably below target so far in government…
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