According to British finance minister Jeremy Hunt, the country is starting to rack up first victories in its fight against inflation. However, given a continued rise in consumer prices, this statement seems quite hasty.
The UK government is making progress in curbing inflation, Hunt claimed. At the same time, there is a long and hard road ahead for Britain to achieve the 2% inflation target, he cautioned. Data showed that annual consumer price inflation in the UK plunged to a lower-than-expected 4.6% in October 2023 from 6.7% a month ago.
"There’s lots more work to do. We still have to bring inflation down to its target level of 2%," Hunt said. "Now we are beginning to win the battle against inflation," he added.
Notably, a drop below 5% puts British Prime Minister Rishi Sunak on track to meet one of his five previously voiced pledges. In early 2023, the official promised to halve inflation from its 10.5% level by the end of the year. He also undertook to boost the economy, reduce the national debt, improve the health care system, and stop illegal migration.
