Don’t expect Sunak’s inflation ‘triumph’ to mean good news for energy bills

Consumers’ energy bills are likely to remain at £2,000-ish a year despite the price cap. Photograph: Tolga Akmen/EPA

For his next economic miracle, Rishi Sunak will restore energy bills to their pre-crisis level. Well, no, he obviously won’t make such a rash promise because, as everybody knows, some things lie beyond the control of the UK government. International energy prices, which are still the biggest determinant of the cost of energy for households, plainly fall in that camp.

It is a point to remember as Sunak and his chancellor, Jeremy Hunt, seek credit for meeting their “pledge” to halve inflation this year. October’s reading of 4.6% qualifies as victory but the work has been done primarily by higher interest rates, which are the Bank of England’s job, and falling energy prices.