Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the current UK inflation rate, and what steps they are taking to support progress towards the 2 percent target.

Inflation has returned close to target, and while inflation may rise slightly in the near term, the OBR expect it to remain close to the 2% target across the forecast period. The Chancellor has commissioned the OBR to produce an update economic and fiscal forecast on March 26^th, which will include their latest assessment of UK inflation as well as a forecast.

The independent Monetary Policy Committee of the Bank of England are responsible for controlling inflation. We fully support them in maintaining price stability sustainably in the medium term.