The latest Consumer Prices Index figures show the rise in the cost of living fell to 3.1 per cent in the year to September – down slightly from 3.2 per cent in August. However, the inflation figure remains far above the Bank of England’s target rate of 2 per cent, as fuel, food and transport costs remain a struggle for many people across the country.
“I think it’s a real cause of some concern because, clearly, we want inflation rates to be lower,” Kwarteng told the BBC yesterday. The business secretary added: “There’s a debate at the moment as to how long this inflation will last – I’m confident that it’ll be contained. We’ll have to wait and see.”
Kwarteng pointed to growth sparked by the reopening of the economy after the Covid pandemic as a cause for price hikes. “One of the causes for inflation is the fact that the economy is rebounding … it’s a fast rebound,” he said. “When you see quite strong economic growth there’s always the danger you’ll have inflation.”
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