Inflation and energy bills are both set to drop next week in a rare bit of good news for household finances
The Consumer Prices Index – which measures the average increase in the prices of goods and services purchased by many households – is expected to fall significantly from itsThis is when the Office of National Statistics will deliver its next inflation reading, when economists believe it will fall to between 8 and 8.5 per cent. The‘s forecast is that inflation will hit 8.2 per cent across the second quarter of the year, which starts in April.
Lower inflation could spell good news for many mortgage holders, as experts say it may decrease the likelihood of a furtherrise next month. It also makes the prospect of the Government lowering taxes more likely as the Treasury will be paying out less to service the country’s debt. Sir Iain Duncan Smith, the former leader of the Conservative party, said he thought improved inflation figures would give the Chancellor more room to cut taxes.
“The Government needs to lower the historically high burden of taxation from businesses and people forced into upper rate tax,” he told the. “Only by doing that will we be able to make the case for a Conservative government at the next election.”, which could drive down inflation further.for July onwards will be announced, and this is going to be good news too. Ofgem’s director for strategy, Neil Kenward, has promised this week it would come “down considerably” from the current level.
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