Written question asked by Jonathan Edwards (Plaid Cymru) on Monday, 4 September 2017, in the House of Commons. It was due for an answer on Wednesday, 6 September 2017. It was answered by Steve Barclay (Conservative) on Tuesday, 12 September 2017 on behalf of the Treasury.

Inflation

Question: To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the UK leaving the EU on the Consumer Price Index rate of inflation.

Answer

In their March 2017 Economic and Fiscal Outlook, the Office for Budget Responsibility (OBR) forecast that CPI inflation would be 2.4% in 2017, up from 0.5% in 2016 as the depreciation in sterling and rising commodity prices fed through to higher prices. The OBR forecast inflation to be 2.3% in 2018, before falling back to 2.0% in 2019.

The Government has taken action to support people with the cost of living by increasing the National Living Wage, raising the personal allowance, and freezing fuel duty.

Secondary information

Type: Written question
Reference: 7692
Session: 2017-19
Transferred: Yes
Subjects: Inflation Consumer prices index Brexit
Link: View this Written question on www.parliament.uk

Inflation

Secondary information

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