UK inflation could rise September as Chancellor Hunt warns of potential ‘blip’

*British Chancellor Jeremy Hunt has hinted at a possible ‘blip’ in the country’s inflation September 2023, as he explains the United Kingdom Government’s strategy for putting money back into the hands of consumers

Isola Moses | ConsumerConnect

Ahead of the country’s anticipated publication of August’s inflation figures September 20, UK Chancellor Jeremy Hunt has hinted at a possible “blip” in inflation this month.

However, Chancellor Hunt remains confident that the British Government’s plan to tackle inflation is yet effective.

This warning comes ahead of the anticipated publication of August’s inflation figures on 20th September, agency report said.

In an interview on BBC’s Sunday With Laura Kuenssberg, Hunt was quoted to have said: “The plan is working, inflation is coming down.”

This development comes in view of the most recent data that indicated inflation, as measured by the Consumer Price Index (CPI) had eased to 6.8 percent, although still far from the Bank of England’s 2 percent target, according to report.

On the possibility of a rise in August’s inflation in the country, the Chancellor said: “I do think we may see a blip in inflation in September.”

However, he added that “after that the Bank of England is saying it will fall down to around 5%.”

He also further elaborated on the Government’s strategy for putting money back into the hands of the public: “If we are going to put money in people’s pockets quickly, the fastest thing I can do is to deliver the Prime Minister’s pledge to halve inflation, because that puts not 1p in the pound, which might be a tax cut, but 5p in the pound in people’s pockets that they wouldn’t have had if inflation stays high.”

UK Prime Minister Rishi Sunak recently pledged to halve inflation this year, necessitating a fall to approximately 5.3 percent to fulfil this promise, report noted.[do_widget id=heateor_sss_sharing-2]