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( ) -q-25- UNDATED (Correspondent Jeremy House) “since the 1980s.”
Britain’s Treasury chief says taming inflation is more important than cutting taxes.
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TAG: Correspondent Jeremy House reporting. At a speech Friday in London, Hunt said “the best tax cut right now is a cut in inflation.” Hunt said he wanted Britain to be a low-tax economy but “with volatile markets and high inflation, sound money must come first.”
VERBATIM: Jeremy Hunt is resisting calls from some in the governing Conservative Party for immediate tax breaks for businesses and voters. The U.K.’s annual inflation rate hit a four-decade high of 11.1% in October, fueling a cost-of-living crisis and a wave of strikes. It has since eased but still reached a painful 10.5% in December and is the highest since the 1980s.
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It’s the latest evidence that the Fed’s series of interest rate hikes is slowing the economy. Prices rose 5% last month compared to the previous year, DOWN from the 5.5% year-over-year increase seen in November. It was the third straight drop.Listen Download
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Inflation eased again in December, assuring economic policymakers that price increases are pulling back after soaring to 40-year highs last year. More details from Correspondent Bernie Bennett.
The consumer price index shows that inflation cooled last month to 6.5%, as expected, down from 7.1% in November and well below a June peak of 9%.
The Consumer Price Index for all items fell .1 percent, even as gasoline prices are in decline.
The CPI report shows signs that the Federal Reserve’s interest rate increases are cooling the overheated economy.
It was the slowest rate of price increases in more than a year. Inflation is still well above normal levels, and the economy remains vulnerable to shocks that could send prices back up.
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Indictments have been handed up in attacks on pro-life pregnancy centers
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