Rishi Sunak has finally hit his inflation target after new figures revealed the rate had halved since the start of the year.
In a rare piece of good news for the embattled prime minister, the Office for National Statistics announced that the rate plummeted to 4.6% in October, its lowest level in two years.
When Sunak made his promise to halve it at the start of this year, it stood at 10.7%.
However, the inflation rate is still more than double the Bank of England target of 2%.
Achieving his self-imposed target is a much-needed boost for the PM, who earlier this week carried out a cabinet reshuffle in an attempt to re-boot his leadership.
It also comes ahead of the Supreme Court’s ruling later this morning on the legality of the government’s policy of deporting asylum seekers to Rwanda.
Reacting to the inflation rate on X (formerly Twitter), Sunak said: “In January I made halving inflation this year my top priority.
“I did that because it is, without a doubt, the best way to ease the cost of living and give families financial security. Today, we have delivered on that pledge.”
Shadow chancellor Rachel Reeves said: “The fall in inflation will come as some relief for families struggling with the cost of living. But, now is not the time for Conservative ministers to be popping champagne corks and patting themselves on the back.
“After thirteen years of economic failure under the Conservatives, working people are worse off with higher mortgage bills, prices still rising in the shops and inflation twice as high as the Bank of England’s target.”
Lib Dem Treasury spokesperson Sarah Olney said: “Rishi Sunak congratulating himself over today’s figures will be cold comfort for all the hard-working people still bearing the brunt of this Conservative chaos.
“For months on end, people across the country have been watching as their pay cheque gets squeezed from all sides, draining every spare penny. From the ever-increasing cost of the weekly shop to skyrocketing mortgage payments.
“Enough is enough.”
Although he has now hit his inflation target, Sunak is faring less well with his other pledges to cut NHS waiting lists, reduce national debt, grow the economy and stop small boats carrying asylum seekers across the English Channel.