After promising to halve inflation by the end of the year, new figures released this morning by the Office for National Statistics (ONS) show that the government has delivered on its promise ahead of schedule.
Ben Bradley MP, Member of Parliament for Mansfield and Warsop, is delighted that Government has delivered on this commitment and is confident that this will be welcomed by his constituents.
Across the world, countries and governments have been gripped with high inflation as a result of Putin’s invasion of Ukraine and the impact this had on global energy prices. However, figures released this morning by the ONS show that inflation fell to 4.6% in October, less than half of its peak of 10.7%.
Inflation is the rate of price increases over a period of time and acts as an effective tax on a family’s finances, with their spending power being reduced significantly during periods of high inflation. As a result of inflation having decreased by 6.1% families should now begin to feel some relief in their household finances.
Commenting, Ben Bradley stated:
‘The news that inflation has more than halved from it’s peak of 10.7% is fantastic news for my constituents, who have been contacting me about their concerns. Alongside supporting millions of households with the cost of living, reducing inflation is the best way to make everyone’s money go further.
‘I have been making sure that tackling inflation has been at the heart of the government’s agenda. I was very pleased when the Prime Minister announced halving inflation as one of his key priorities and I am even happier to now see that promise delivered ahead of time.
‘I will continue to make ensure this Government delivers for my constituents, and I’ll be pushing for more action to bring down the cost of living for people in Mansfield.’