# Halve inflation in 2023

> “First, we will halve inflation this year to ease the cost of living and give people financial security.”
>
> — Rishi Sunak, Prime Minister, Conservative Party; Speech setting out his five priorities, 4 January 2023

- **Status:** Delivered
- **Status ladder:** Promised → In plan → Legislated → Funded → Delivering → Delivered
- **Policy area:** [Transport & economy](https://ledgergov.uk/promises/area/transport-and-economy)
- **Speaker:** [Rishi Sunak](https://ledgergov.uk/actor/rishi-sunak), Prime Minister
- **Party:** [Conservative Party](https://ledgergov.uk/actor/conservatives)
- **Made on:** 4 January 2023
- **Where:** Speech setting out his five priorities
- **Deadline:** 31 December 2023
- **Cost a year:** No costing published
- **Who it affects:** Households and businesses across the UK facing rising prices
- **When:** In 2023 ("this year")
- **Paid for by:** Not a spending pledge
- **Target:** At most 5.25% by 31 December 2023
- **Forecast at the time:** 3.75% by 31 December 2023, the OBR's forecast of 17 November 2022, before the promise ([OBR: Economic and fiscal outlook, November 2022, supplementary economy tables, table 1.7 (CPI, 2023 Q4)](https://obr.uk/efo/economic-and-fiscal-outlook-november-2022/)): CPI inflation over 12 months in the last quarter of 2023 (3.75%), forecast seven weeks before the speech under the energy price guarantee then in place; the target is read on December's rate. The forecast at the time already met the target.
- **Quote source:** https://www.gov.uk/government/speeches/pm-speech-on-making-2023-the-first-year-of-a-new-and-better-future-4-january-2023 (checked word for word at its source on 20 October 2026; Open Government Licence v3.0)
- **Last updated:** 23 October 2026
- **Card:** https://ledgergov.uk/promise/uk-halve-inflation-2023

## 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.

## Timeline

- 4 January 2023, Promised: The Prime Minister makes halving inflation in 2023 the first of five promises
- 31 December 2023, Deadline: Inflation due to be halved "this year" (editorial date, end of 2023)
- 17 January 2024, Delivered: ONS figures for December 2023: CPI inflation 4.0% over 12 months, down from 10.5% in December 2022 ([evidence](https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2023))

## About the cost

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

## Corrections

- 23 October 2026, the metric in version 1: The 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 given. Now: at most 5.25% by 31 December 2023. ([source](https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2022))

## Sources

- [Prime Minister's Office: PM speech on building a better future, 4 January 2023](https://www.gov.uk/government/speeches/pm-speech-on-making-2023-the-first-year-of-a-new-and-better-future-4-january-2023)
- [Office for National Statistics: Consumer price inflation, UK: December 2022 (18 Jan 2023)](https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2022)
- [Office for National Statistics: Consumer price inflation, UK: December 2023 (17 Jan 2024)](https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2023)

## Checks

- Checked automatically by AI Journalist, not yet verified by an editor.
- Checked by AI Journalist (automated) on 20 October 2026.

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