IPPR responds to inflation figures

From: Think Tanks
Published: Wed Oct 19 2022

Dr George Dibb, head of the Centre for Economic Justice at IPPR, responded to the ONS October CPI figures

Today's small rise in CPI inflation hides a much steeper rise in essentials such as food and drink where prices are now rising at over 14%. This underlines the need for greater support for the most vulnerable households this winter over and above the energy price cap. On the other hand, the biggest reduction in inflation was in petrol and fuel providing relief to some households and businesses.

The Bank of England will be concerned by further rises in core' inflation that excludes energy and food, and this may point towards a further rise in interest rates next month.

Inflation remains steadily high, and if welfare payments, workers' pay, or funding for public services aren't rising as fast, this represents a real terms cut. Without inflation-linked increases to these things we risk another round of austerity.

Consumer price inflation, UK: September 2022

Company: Think Tanks

Visit website »