LedgerGov.UK

Public money and promises, one ledger per country or place, on the same open engine.

Made by Pavel Guzhikov, guzh.uk
← All promises
Rishi SunakConservative PartyTransport & economy

Halve inflation in 2023

“First, we will halve inflation this year to ease the cost of living and give people financial security.”

DeliveredSpeech setting out his five priorities, 4 Jan 2023Quote checked word for word at its source on 20 October 2026
  6. Delivered

Where it stands

The Office for National Statistics measured consumer price inflation (CPI) at 10.5% in the 12 months to December 2022 and 4.0% in the 12 months to December 2023, less than half the earlier rate. The speech did not say which month or measure the pledge would be judged on; CPI had peaked at 11.1% in October 2022. "This year" is read as the end of 2023. It was the first of five promises in the speech.

The target and the forecast at the time

The forecast at the time already met the target.At most 5.25% by 31 December 2023. The forecast: 3.75% by 31 December 2023, the OBR's forecast of 17 November 2022, before the promise.

A forecast published before the promise, so nobody chose it with hindsight. The site shows both and never scores the promise against the forecast. OBR: Economic and fiscal outlook, November 2022, supplementary economy tables, table 1.7 (CPI, 2023 Q4)

What has happened

  1. Jan 2023The Prime Minister makes halving inflation in 2023 the first of five promises, Promised
  2. Dec 2023Inflation due to be halved "this year" (editorial date, end of 2023), Deadline
  3. Jan 2024ONS figures for December 2023: CPI inflation 4.0% over 12 months, down from 10.5% in December 2022, Delivered evidence

About the cost

No cost of its own: the pledge names an outcome, not a measure, and no costing was published.

More detail

Sources (3)
Corrections (1): what we fixed, in public
  1. Corrected on 23 Oct 2026: Target in version 1The target the words set, written as a number so it can be read against the forecast made before the promise: half of the 10.5% CPI rate in the 12 months to December 2022, by December 2023, as the card already read "this year".Was: not givenNow: at most 5.25% by 31 Dec 2023Source for the correction
How cards are checked

Status follows the promise standard, the same for every party. A status changes only on evidence. Anyone named on a card can reply, and replies are published next to it. AI Journalist is our automated reviewer: it re-reads every card against its live sources (the quote word for word, dates, evidence, status, cost, neutral wording, legal risk). An editor, Pavel Guzhikov, then checks each card against its sources and approves it.

Related promises

Every promise in Transport & economy