Latest figures showing a fall in inflation have been welcomed by South Shropshire MP, Philip Dunne.

Independent data from the Office for National Statistics released today (17th April) show inflation has fallen to 3.2%, down from 3.4% in February, and down from a peak of 11.1% in 2022.

Owing to the action the government has taken, the independent Office for Budget Responsibility (OBR) predicts inflation will fall further, and meet the Bank of England’s two per cent target in the second quarter of 2024.

Real terms pay growth in both the public and private sectors is increasing above inflation at 2.4%, and is at the highest rate since 2021.

Mr Dunne said:

“The government’s plan is working, and inflation has fallen further to 3.2%, easing pressure on household budgets in South Shropshire and across the country.

“Thanks to the discipline the government has shown in tackling inflation, we can afford this month’s tax cuts for 29 million working people, in addition to uprating pensions and welfare well above the rate of inflation, and a 9.8% boost to the National Living Wage.”