Official figures have confirmed a significant drop in the UK's inflation rate, providing a glimmer of relief for households amid the ongoing cost of living crisis.
The Office for National Statistics (ONS) reported that the inflation rate fell to 3.6% in the year to October, marking the first decline since March. The data suggests that slower rises in energy prices were a primary driver behind the decrease.
Political Response to the Economic Shift
Prime Minister Sir Keir Starmer described the latest inflation data as "welcome" news. He took to the social media platform X to address the public, acknowledging the continued strain on family finances.
"Inflation has fallen today. This is welcome news, but I know families across the country are still struggling with the cost of living," Starmer stated. He emphasised his government's commitment, adding, "There’s more to do. My government is carrying on with the work of tackling the cost of living and making families better off."
Chancellor Reeves Previews Autumn Budget Measures
Chancellor Rachel Reeves had earlier echoed the Prime Minister's sentiments during a visit to a Tesco branch on November 19. She recognised that inflation remains a "big burden on families" despite the positive trend.
Reeves confirmed that the government is preparing further interventions, stating, "I do recognise there is more we need to do." She has vowed to announce "targeted action" to bring down inflation in the upcoming Autumn Budget, which is scheduled for November 26.
While the drop is a positive step, the current rate of 3.6% remains well above the Bank of England's 2% target. Furthermore, the BBC reported that the rate at which food costs are rising is still increasing, indicating that financial pressure on consumers is far from over.
