The Bank of England's governor last night forecast another big drop in inflation after it fell to the lowest level since September 2021.
'I expect the next month's data will show quite a strong drop because of the impact of changes in energy pricing,' he said during a conference hosted by the Institute of International Finance. READ MORE: What inflation falling means for you - and when will it reach the 2% target? Inflation is finally nearing the Bank of England's 2 per cent target, as latest figures show another drop in the headline rate.
Jeremy Hunt said the fall in inflation showed the 'plan is working... helping people's money go further' and adding to the boost to household finances from cuts in National Insurance. Falling inflation provides relief to millions of households after a painful period which saw it spike to a four-decade high of 11.1 per cent amid soaring energy and food prices.