The government will have left households in Britain “worse off”, even if official data on Wednesday shows a slowdown in the rate of inflation, Labour has said.
The Office for National Statistics (ONS) is expected to reveal the Consumer Prices Index (CPI) rate of inflation was down to 6.7% in July, from 7.9% the previous month.
But Labour is accusing the Conservatives of overseeing a more than £350 rise in monthly bills for the average household since 2021/22.
Prime Minister Rishi Sunak said on Tuesday there is “light at the end of the tunnel” of the cost of living crisis, but Labour is accusing the government of overseeing “13 years of economic chaos and incompetence”.
The opposition says that even if the rate of inflation slows, families across the country will be paying £82 more per week on living costs than in 2021/22.
It says weekly spending on good and services such as transport, food, and fuel bills is forecast to have risen from £529 in 2021/22 to £611 today.
This means that even if Mr Sunak does manage to halve inflation by the end of the year – which is one of his five priorities – families will still be hundreds of pounds worse off, according to the opposition.
Tulip Siddiq, Labour’s shadow economic secretary, said: “Families in Britain are worse off because of 13 years of economic chaos and incompetence under the Conservatives.
“We’ve had a decade of low growth, low pay and high taxes. Now families are paying the price of the Conservatives’ cost of living crisis with higher bills and prices in the shops.”
She continued: “If Labour were in power today, we would introduce a proper windfall tax on the huge profits the oil and gas giants are making to help families with the cost of living. Labour’s plan to build a strong economy will boost growth, increase wages and bring down bills so working people are better off.”
The Conservative Party has been approached for comment.