LONDON (Reuters) – British finance minister Jeremy Hunt said on Wednesday that inflation running above 10% was destabilising for the economy and the government had a plan to bring it down.
“When inflation is above 10%, it is destabilising for the economy. It is not a good place to be, ultimately it is dangerous if you leave it there,” Hunt said during an event hosted by website Politico, adding the tightness of the labour market was a “significant” factor in driving wage inflation.
Official data published earlier on Wednesday showed consumer price inflation (CPI) dropped by less than expected to an annual rate of 10.1%.
(Reporting by Kylie MacLellan and William Schomberg)
