The Consumer Price Index rose by 8.7% in the year to May 2023 – this is the same level as the year until April. The new figures, released today from the ONS, are far worse than expectations of a drop to 8.4%. At the same time, core inflation actually rose. It’s now at 7.1% up from 6.8%. That’s the highest level for 30 years…
In the context of rising mortgage costs, all eyes are now on the Bank of England which is expected to further raise interest rates tomorrow. The latest ONS figures also included data for net debt, which increased to 100.1% of GDP.
With this new data, it’s worth taking a look at how the government is performing on the five priorities they’re so desperate to repeat:
- Halving inflation. It’s sticking.
- Debt falling. It’s increasing.
- NHS waiting lists down. They’re at an all time record high.
- Stop the boats. They’re coming thick and fast.
The only pledge Rishi is currently meeting is growing the economy – which he’s managing with a measly 0.1% growth. With further rate rises on the cards, even this looks unsustainable…
