Inflation down, energy price cap down, economic forecast up.

This week inflation has fallen by 1.4 per cent, Ofgem announced the energy price cap will fall by over £400 from July and the IMF has predicted the UK economy to grow having previously predicted a recession.

Last month inflation fell from 10.1 per cent to 8.7 per cent. This marks the first month where the figure has fallen below ten per cent since August last year.

Ofgem announced that the price cap from July will fall from £3,280 to £2,074. The Government has, via the Energy Price Guarantee, funded a cap of £2,500 since October last year.

Alongside this the IMF, which had previously predicted the UK economy to contract by 0.3 per cent, now expects it to grow by 0.4 per cent and avoid a recession.

Commenting on this Andrew Jones MP said: “These are three bits of good news though we need to ensure this progress continues.

“I know that food inflation for example remains stubbornly high and was pleased to see the Chancellor meet with UK food manufacturers and the Competition and Markets Authority on Tuesday to discuss this.

“Tackling inflation is a key priority for the Government and this latest inflation figure is a step in the right direction. I hope we will see more progress in the coming months.”