“Increase in inflation will squeeze those worse off even further” says Steve McCabe MP

Steve has expressed concern about the increase in inflation, which rose sharply last month.

 

Figures released by the Office for National Statistics said the rate of Consumer Price Index inflation rose to 2.7% in October, up from 2.2% the month before.

 

This rise in inflation has been attributed to the increase in tuition fees and rising food prices, especially vegetables. Confectionary prices also increased, however this was because a number of confectionary products were reduced in size. The ONS has treated this as a price increase as consumers are now getting less for their money.

 

The Retail Price Index (RPI), which included housing costs, also rose to 3.2% from 2.6%.

 

Inflation is set to rise further over the coming months, as October’s figures do not account for the substantial increase in energy prices which will make a big difference to people’s cost of living.

 

Steve said:

“This is a worrying increase in the inflation rate, especially as all the indicators show that it is only going to rise further when increases in energy prices really start to bite.

 

“The Government is not doing enough to help hard-working families meet the rising cost of living. Just last night Conservative and Lib Dem MP’s voted against Labour’s call for the January’s 3p fuel duty rise to be postponed which would have made a real difference to real people.”

Share this
Copyright Steve McCabe MP Click here for a copy of this site's terms and conditions and privacy statement