What was claimed
Inflation has fallen.
Our verdict
It’s true that the CPI measure of inflation has fallen in recent months, but it’s still higher than it was when Labour came to power.
Is inflation up or down under Labour?
There have been six cuts in interest rates since the general election, the fastest pace in reduction in 17 years, and inflation has fallen.
Her message today has been that her so-called plan is working, but what is the reality? Inflation up.
The chancellor Rachel Reeves, and the Conservative shadow chancellor, Sir Mel Stride, seemed to contradict each other about inflation during the Commons debate over the Spring Forecast yesterday.
Ms Reeves said it had fallen, but Sir Mel said it was up. How can this be?
Well, it all depends which time period you’re looking at. In the latest data available when they were speaking, the government’s main measure of inflation, the Consumer Prices Index (CPI), was higher than it was when Labour took office—3% in January 2026 compared with 2.2% in July 2024.
The rate has fallen recently, however, from a high under the current Labour government of 3.8% last summer.