Written question asked by Jim Cunningham (Labour) on Thursday, 17 July 2008, in the House of Commons. It was due for an answer on Monday, 21 July 2008. It was answered by Angela Eagle (Labour) on Tuesday, 25 November 2008 on behalf of the Treasury.

Inflation

Question: To ask the Chancellor of the Exchequer what steps the Government has taken to address the problems associated with rising inflation.

Answer: In common with experience across the world, UK inflation increased during 2008 as the surge in global commodity prices fed through to retail prices of food, petrol and diesel, and household energy bills. In the UK, CPI inflation increased from 2.2 per cent. in December 2007 to a peak of 5.2 per cent. by September 2008 before falling back to 4.5 per cent. in October.With global commodity prices having fallen sharply since the summer, petrol and diesel prices have already declined by 12 per cent. and food price inflation appears to have passed its peak. In line with external forecasts, CPI inflation is expected to fall sharply over the coming year.The Government have shown its continued determination to help families and businesses affected by higher global prices, with targeted support when people need it most.

Secondary information