The latest UK consumer price index (CPI) data has been hailed as a win for prime minister Rishi Sunak’s aim to half inflation, announced earlier this year. Prices rose by 4.6% in October 2023, bringing the rate of price growth down to its lowest point since an October 2022 peak of 11.1%.
But inflation coming down gradually does not mean prices are falling – they are merely increasing at a slower pace. Prices remain high, deepening the cost of living crisis for many, especially those whose nominal wages have not increased at pace with inflation in recent years.
