Question to the HM Treasury:

To ask Her Majesty's Government what recent assessment they have made of the impact of inflation on living standards.

We understand that inflation, if higher than income growth, can reduce households’ real income, and that higher prices can increase the cost of living for people and households.

The government is working with international partners to tackle global supply chain disruption and providing support worth around £12 billion this financial year and next to help people with the cost of living. This includes cutting the Universal Credit taper rate to make sure work pays, freezing alcohol and fuel duties to keep costs down, and providing targeted support to help vulnerable households with their energy bills and other essentials.