New figures released by the Office for National Statistics make happy reading for Reeves ahead of the budget. CPI inflation has fallen below the Bank of England’s target to 1.7% in September after sitting at 2.2% in the last two months. Lower than economists prediction of 1.9%. If Sunak had gone for a later election the Tories would have been able to claim credit…

That’s the lowest figure since April 2021. Chief Secretary to the Treasury Darren Jones says it’s “welcome news“. The ONS says drops in air fares and motor fuels provided a strong downward push. Core inflation, meanwhile, was 3.2%, lower than than the expected 3.4%. Further rate cuts at next month’s Monetary Policy Comittee meeting now appear certain…

New figures from the Office for National Statistics this morning show inflation sitting just above the Bank of England’s target for a second consecutive month. Up slightly from June’s on-target performance, low enough to prompt the Bank to cut rates for the first time since 2020…

The figures are in line with economists’ expectations while the markets have it at 35% that the BoE will cut rates at midday tomorrow. The ONS says rising air fares countered drops in motor fuel and hospitality prices. Core inflation minus food and energy has pushed up to 3.6% from 3.3%, driven by a jump in services inflation. Jeremy Hunt takes the opportunity to say Labour has to do “the hard work to keep inflation down” by “rejecting potentially damaging new employment rights“. Reeves can always blame the Tories…

It’s not all sunshine and roses for Rachel Reeves as new figures today from the ONS have consumer price inflation ticking up to 2.2%, up from last month’s target-hitting performance. It’s a lower rise than expected by the majority of forecasts, pushed by last year’s ‘base effects’. Core food and energy inflation also fell by an unexpected 0.2% while services dropped by 0.5%. All eyes on Threadneedle Street…

Chief Secretary to the Treasury Darren Jones issues the usual Labour line that “The new government is under no illusions as to the scale of the challenge it’s inherited“. Hunt, meanwhile, says that Tory efforts to reduce inflation paved “the way for the first interest rate cut in four years“. More on the Sunak’s decision to go to the polls just before the economy improved as Guido gets it…

It’s good enough news for Chancellor Reeves this morning as inflation remains static at the Bank of England’s 2% target according to new figures from the Office for National Statistics. Upward pressure came from restaurants and hotel price rises, countered by falls in garment prices. The figure is still higher than the expected 1.9%…

Chief Secretary to the Treasury Darren Jones remained cautious: “It is welcome that inflation is at target, but we know that for families across Britain prices remain high. We face the legacy of fourteen years of chaos and economic irresponsibility.” Falls below target are likely needed to buoy less dove-ish rate setters at the Bank of England. A rate cut may not yet come our way in August…

Finally some good news for Rishi Sunak. Inflation fell to the Bank of England’s official target of 2% for the first time in three years in May. According to the ONS, it’s down from the 2.3% figure in April – a figure Rishi thought was good enough to call the election on that day. Meanwhile, core inflation slowed to 3.5%. Rishi’s already jumping on this to show that his “plan is working”, though it might be a bit late…

The fall is mainly thanks to food price rises easing to 1.7%, down from 2.9% in April. Still, the battle isn’t over yet. Should prices keep climbing at this month’s pace (0.3%), inflation will breach the 2% target again next month, hitting 2.1%. Though the fall in inflation was largely expected, the Bank of England still doesn’t look set to lower interest rates this month, it’s more likely to see cuts in August instead. Things can only get better…?

Inflation has nosedived to its lowest point in nearly three years, offering a welcome reprieve for the Prime Minister and mortgage holders yearning for interest rate cuts. According to the Office for National Statistics (ONS), the consumer prices index plummeted from 3.2% in April to 2.3%. Economists are thanking the unprecedented decline in typical energy bills last month…

Increases in food prices are also falling with food inflation dropping to 2.9%. This plunge marks the slowest pace of price growth since July 2021, although it wasn’t quite as low as the Bank of England expected – 2.1%. All eyes will be on whether the BoE will begin to cut interest rates in June or August. City traders are hoping it’ll be the former…