Inflation

(asked on 11th July 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps his Department is taking to tackle rising inflation.


Answered by
Steve Barclay Portrait
Steve Barclay
Secretary of State for Environment, Food and Rural Affairs
This question was answered on 17th July 2017

In their March forecast, the Office for Budget Responsibility (OBR) expected inflation to average 2.4% in 2017 before falling back to 2.3% in 2018 and 2.0% from 2019 to 2021.

Maintaining price stability is the primary objective of the Monetary Policy Committee. This objective is defined as an inflation target of 2% as measured by the twelve month increase in the Consumer Prices Index.

The Government is taking action to support people with the cost of living. This includes increasing the National Living Wage, raising the personal allowance, and freezing fuel duty.

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