Rishi Sunak received a much-needed boost as inflation fell to 4.6 per cent, meaning his pledge to halve the rate at which prices are rising has been met.
The rate at which prices are rising when Mr Sunak made it the first of his five priorities was over 10 per cent, meaning he was hoping for a dip below 5 per cent.
Wednesday’s figure marked a dip from 6.7 per cent last month.
Labour immediately attacked the government for what it called “thirteen years of economic failure”, noting that prices are still rising at more than double the Bank of England’s target 2 per cent rate.
Shadow chancellor Rachel Reeves said: “The fall in inflation will come as some relief for families struggling with the cost of living. But, now is not the time for Conservative ministers to be popping champagne corks and patting themselves on the back.
“After thirteen years of economic failure under the Conservatives, working people are worse off with higher mortgage bills, prices still rising in the shops and inflation twice as high as the Bank of England’s target.”
But, after a torrid week for Mr Sunak, he celebrated having delivered on his pledge to halve inflation.
The prime minister said: “In January I made halving inflation this year my top priority. I did that because it is, without a doubt, the best way to ease the cost of living and give families financial security.
“Today, we have delivered on that pledge.”
Mr Sunak said inflation “works like a tax… eating into the pound in your pocket”.
And he added that getting it down “involved hard decisions and fiscal discipline”
“But while it is welcome news that prices are no longer rising as quickly, we know many people are continuing to struggle, which is why we must stay the course to continue to get inflation all the way back down to 2 per cent,” he said.