About Inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.
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'We've halved inflation' and other claims by the PM checked
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'We've halved inflation' and other claims by the PM checked
By Anthony Reuben and Tamara KovacevicBBC Verify
Two days before the government sets out its tax and spend plans in the Autumn Statement, the Prime Minister gave a speech about the UK economy.
We've been looking at some of his claims.
'I promised you we would halve Inflation - we took the difficult decisions and we have delivered on that promise'Rishi Sunak , from its level of 10. 7% in The Last three months of 2022.
Inflation was 4. 6% in October, which means The Pledge is likely to be met unless there is a considerable increase before The End of the year.
However, Paul Johnson , director of the IFS, an influential economics Think Tank , has said:
The Bank of England has been raising interest rates to try to.
An example Mr Sunak gave of his difficult decisions to control Inflation was not giving big pay rises to striking public sector workers.
The IFS said the inflationary danger from public sector pay deals is that if they are much higher than in the Private Sector , those workers will also ask for bigger pay rises. " we're clearly not there".
'Energy bills have fallen significantly'The cost of standard variable energy deals in England, Wales and Scotland is controlled by the energy price cap, which is set as a maximum price per unit by the regulator, Ofgem.
Under this, a typical household's annual gas and electricity bill, based on the period from. This is indeed a fall from and the £2,500 Last Winter .
But it's still considerably More Than (between October 2021 and March 2022) which stood at £1,277.
And when a typical household was paying £2,500 Last Winter , it was receiving £400 in energy bill support from the government, which is no longer available. Some groups with their energy bills.
'Borrowing £28bn a year as the Labour Party want to will make debt go up'Mr Sunak was talking about.
In September 2021, Labour said it would deliver an additional £28bn of capital investment each year to support the UK's transition to net zero.
However, in June, Shadow Chancellor Rachel Reeves said.
The figure Now - Making It £20bn of additional investment.
Ms Reeves has pledged to reduce national debt as a share of the economy, which is similar to.
The current level of the government's debt is high by historical standards at just under 100% of the size of the economy.
Related TopicsSource of news: bbc.com
Inflation Photos
