UK Chancellor Jeremy Hunt announced that the Office for Budget Responsibility (OBR) forecasts inflation, which is now at 4%, to fall below 2% in the coming months, nearly a year earlier than previously anticipated. This significant adjustment in economic expectations comes after inflation rates soared above 11% due to factors such as war and the COVID-19 pandemic, for which the Conservative government had deflected blame. Hunt credited the forecasted decrease to the Conservative government's sound financial policies. Despite the optimistic forecast, there was a note of caution from some quarters, highlighting that the predicted drop might be partly a statistical artifact due to fluctuating energy bills, with expectations of inflation rising again subsequently. The forecasted timeline for this decrease aligns with late spring to early summer.
Inflation in the UK will fall below 2% target in 'a few months' time', nearly a year earlier than previously forecast, says UK chancellor Jeremy Hunt https://t.co/hQ6IjvGITd
The Chancellor has said that the OBR expects inflation to fall below 2% within the next few months 👀 @singharj and @RichardVaughan1 reported earlier this week that Rishi Sunak was waiting until this target was met to call an election https://t.co/96l2WIbIeL
For some time now I have been predicting that inflation would fall to 2% late spring/early summer. Chancellor now says OBR has come round to forecasting the same. Given its record on forecasting I might have to rethink my position!
Chancellor says CPI inflation rate will drop below 2% target in coming months. This is true. But don’t get too excited. It’s partly a statistical artefact caused by the rollercoaster effect of energy bills. Bank of England expects inflation to rise back up again afterwards
NEW: Chancellor says that OBR forecasts that inflation is set to fall below 2% target in a few months.
Inflation forecast to be below 2% in the next few months, almost a whole year earlier than forecast in the Autumn Statement - a crucial change in the economic context for this Budget.
Chancellor says OBR forecasts inflation will fall below 2% in “just a few months time”. He credit “sound” finance from the Conservative government. Of course when inflation soared to above 11% the Conservative government said that wasn’t their fault - was due to war/Covid etc.
The OBR now forecasts inflaton will fall below the 2% target "in just a few months time", Jeremy Hunt says Pointed comment follows from the chancellor about how much quicker that is than was forecast at the autumn statement in November...
Jeremy Hunt says inflation will fall below 2% 'in a few months time' according to the OBR
Budget 2023... Chancellor says official forecasters OBR predicting inflation below 2% in a few months time (we'll get the documents when he sits down) https://t.co/OA0rSoL3PJ
Hunt announces inflation is forecast to fall below 2pc in a few months #Budget2024
Jeremy Hunt says that inflation is forecast to fall below 2% target 'in just a few months' time - nearly a whole year earlier than forecast at the time of the Autumn Statement'
BREAKING: Chancellor @Jeremy_Hunt announces that the OBR forecast that inflation is now 4% and on track to fall below 2%, 1 year earlier than predicted. #News #Breaking #Budget #Budget24 #GBNews
INFLATION: Forecast to fall below 2 percent target in just a few months' time. Laughs from Labour as Hunt says "Conservative govt will always put sound money first" (Liz Truss memory still alive)
UK Chancellor Hunt: OBR Sees CPI Below 2% Target In Just A Few Months' Time
🔴 UK'S CHANCELLOR HUNT: OBR SEES CPI BELOW THE 2% TARGET IN JUST A FEW MONTHS' TIME.
Inflation will fall below 2% in a few months time, OBR forecasts
💼OBR forecasts show sub-2% inflation in just a few months' time, Hunt says