Prime Minister Rishi Sunak on halving inflation
Inflation works like a tax. It eats into the pound in your pocket, affecting the price of your food shop, your mortgage, the size of your pension pot.
This is why halving inflation has been my number one priority. Getting it down has involved hard decisions and fiscal discipline.
Official figures released this morning confirm we have halved inflation meeting the first of the five priorities I set out at the beginning of this year.
But while it is welcome news that prices are no longer rising as quickly, we know many people are continuing to struggle, which is why we must stay the course to continue to get inflation all the way back to 2%.