Why the inflation rise might not be as bad as you think
This Is Why
Sky News
4.0 • 552 Ratings
🗓️ 20 November 2024
⏱️ 16 minutes
🧾️ Download transcript
Summary
As businesses warn Labour's first budget could lead to further price rises and even job cuts, where does this leave Chancellor Rachel Reeves's plan for the UK to be the fastest growing economy in the G7?
Niall Paterson is joined by Sky's economics and data editor Ed Conway, who explains what's behind last month's inflation rise and why he thinks there could be some good news on the horizon.
Producer: Rosie Gillott
Editor: Philly Beaumont
Transcript
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| 1:00.0 | Hi everybody, Neil Patterson here in the Sky News Daily Studio, where once again we're examining |
| 1:04.9 | a set of economic data. It's about inflation this time, which we are told is running at 2.3%, considerably above the Bank of England target of 2. |
| 1:15.6 | And it will have an effect on prices and could potentially have an effect on jobs as well. |
| 1:21.6 | All the while, of course, the Chancellor Rachel Reeves, who recently, of course, delivered her budget, |
| 1:25.6 | saying that growth is her |
| 1:27.7 | overwhelming priority. Joining us to walk us through the figures are economics and data editor, |
| 1:35.3 | Ed Conway. Ed, let's just start with the headlines. Inflation. Where are we? |
| 1:39.4 | Okay, so let's, if you take a step back, inflation is the rate at which prices are going up or sometimes down, |
| 1:46.2 | mostly up. And it went up from 1.7% in September to 2.3% in October. Quite a big jump, |
| 1:53.9 | but like a lot of that was expected because this was the month where the price cap came in |
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