Rishi Sunak, Prime Minister of Britain.
British Prime Minister Rishi Sunak has brought inflation to its knees by proving his ability to the greatest extent. Whereas before this, due to Britain’s rampant inflation and faltering economy, former Prime Ministers Boris Johnson and Liz Truss had to resign from their posts. After this, Rishi Sunak of Indian origin took charge. PM Rishi Sunak faced a big challenge to control Britain’s inflation and get the economy back on track. Sunak has overcome both the challenges and brought inflation under control.
Now, due to softening of fuel and food prices in Britain, retail inflation has come down to 3.9 percent in the month of November, which is the lowest level in more than two years. Releasing inflation data on Wednesday, the National Statistics Office said that inflation based on consumer price index stood at 3.9 percent last month. This is the lowest level of retail inflation since September, 2021. Retail inflation in the month of October was 4.6 percent. Thus, a sharp decline in inflation was recorded in November.
Which step brought inflation under control?
The Statistics Office cited the reduction in fuel prices as the main reason behind this decline. Apart from this, softening of food prices also reduced retail inflation. Analysts say that due to low retail inflation, the Bank of England may take the step of cutting interest rates a little sooner than expected. Last year, inflation reached a four-decade high of more than 11 percent. To overcome this, the British Central Bank started increasing the policy rate from last year and currently it is at a 15-year high of 5.25 percent. (AP)
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