Shadow chancellor Mel Stride says “Labour’s mismanagement” means the UK is “entering this latest energy crisis with the highest inflation in the G7”.
Reacting to the latest inflation figures, Stride says the economy is “weaker and more vulnerable to external shocks” under Rachel Reeves.
He adds: “Today’s figures show the cost of living was already rising too fast for families who will now be bracing for the impact of events in the Middle East on their bills.
“The chancellor’s irresponsible decision to ramp up borrowing and spending while hiking taxes on businesses has fuelled inflation.”
Why did inflation figures hold?
Clothing was the largest driver of inflation, offset by lower petrol prices before the start of the war in the Middle East, the Office for National Statistics (ONS) says.
Grant Fitzner, chief economist for the ONS, said: “After last month’s slowdown, annual inflation was unchanged.
“The largest upwards driver was the price of clothing, which rose this month but fell a year ago.
“This was offset by falls in petrol costs, with prices collected before the start of the conflict in the Middle East and subsequent rise in crude oil prices.
“A fall in the cost of alcoholic drinks due to promotion activity, compared with a rise last year, was also a downward driver, while little change in food prices, again compared with a small rise this time last year, added further downward pressure.”
Contribution to changes in inflation
