Over the past week, Labour have been pumping out inflation-themed attack ads across social media, claiming the Tories are responsible for soaring inflation – “higher than any other G7 country”. A carefully selected comparison.
There’s also plenty of spinning about how Brexit is somehow to blame for inflation, particularly on rising food prices, yet the latest data from Eurostat and the Office for National Statistics shows that inflation rates for food are actually lower in the UK than in both the Euro area and the EU, with prices rising in the UK by 6.7% in April compared to 8.7% and 8.9% for the Euro area and the EU respectively:
Labour is also conveniently ignoring the inflation data from nearly a dozen other European countries, including the Netherlands, Spain, and Belgium, all of which are already seeing inflation reach around 10%. The only country with genuinely low inflation in Europe is Switzerland*. Which isn’t in the EU either…
*April CPI of 2.4%. The Swiss National Bank didn’t implement Quantitative Easing.