Prices still rising a “reminder of the costs working people have paid” says IPPR

Reacting to today’s monthly inflation figures Dr George Dibb, associate director for economic policy at IPPR, said:

“This announcement that inflation is still not falling is likely just a blip, with the rate expected to come down again over the next few months, but prices are still rising and it’s a salutary reminder of the continuing cost that many working people have paid.

“We can expect the Bank of England to start lowering interest rates this year, but for many, wages still have some catching up to do. And the gap between benefit levels and a living income remains stratospheric. This is the wrong time for the government to talk about cutting taxes. Instead it should prioritise fixing public services in order to underpin the economic growth that is needed to ensure sustainably rising wages.”