Lord Livermore on inflation, House of Lords 22 April 2026

The statement

Inflation was at 3% and is set to fall to target—a much lower starting point than when Russia illegally invaded Ukraine.

Lord Livermore, 22 April 2026. Source

What the sources report

• Office for National Statistics, series D7G7 (CPI ANNUAL RATE 00: ALL ITEMS 2015=100), release of 2026-09-15 reports CPI annual rate (February 2026): 3%^src
• Office for National Statistics, series D7G7 (CPI ANNUAL RATE 00: ALL ITEMS 2015=100), release of 2026-09-15 reports CPI annual rate (March 2026): 3.3%^src
• Office for National Statistics, series D7G7 (CPI ANNUAL RATE 00: ALL ITEMS 2015=100), release of 2026-09-15 reports CPI annual rate (February 2022): 6.2%^src
• Office for National Statistics, series D7G7 (CPI ANNUAL RATE 00: ALL ITEMS 2015=100), release of 2026-09-15 reports CPI annual rate (October 2022): 11.1%^src
• Office for National Statistics, series D7G7 reports CPI annual rate (August 2026, latest): 3.5%^src

Notes

The ONS reports CPI inflation of 3.0% in February 2026 and 3.3% in March 2026; the March figure was published on 22 April 2026, the day of the statement.

The ONS reports CPI inflation of 6.2% in February 2022 and 11.1% in October 2022.

The Bank of England target is 2%. The latest ONS figure is 3.1% for August 2026.