Figures released today by the Office of National Statistics (ONS) show that inflation has risen again to reach an almost six-year high, at 3.1%.
This means the Governor of the Bank of England, Mark Carney, will now have to write a letter to the Chancellor explaining why inflation is running more than 1% above the Bank’s target of 2%. As wage growth is running at 2.2%, well below inflation, it also means real wages continue to fall.
Commenting on today’s news, Ian Murray MP, leading supporter of Open Britain, said:
“With inflation now at its highest rate in almost six years, the post-referendum plunge in the value of the pound and the wider economic impact of Brexit is clearly biting on people’s cost of living.
“The Governor of the Bank of England, Mark Carney, will now have to write a letter to the Chancellor explaining why inflation is so far above the Bank’s 2% target. The answer should be clear to everyone: Brexit is already having a hugely damaging effect on our economy and is making us all worse off.
“As the prices of everything from food to travel soars, people have the right to ask whether the cost of Brexit is worth it. If people decide it isn’t, they have the right to change their minds about whether it’s the right path for the country.”
Notes to editors:
The full ONS release on inflation figures can be found here.