The latest ONS figures have revealed an unexpected increase in inflation to 3% in January.
The Welsh Conservatives argue that a key contributing factor for this rise is Labour’s economic mismanagement in both Cardiff Bay and Westminster, particularly the political decision to increase the cost of business with higher business rates and National Insurance costs.
Commenting, Welsh Conservative Shadow Cabinet Secretary for Economy and Energy, Samuel Kurtz MS said:
“Today’s inflation figures highlight the devastating impact of Labour’s economic mismanagement.
“Record tax hikes, inflation-busting pay rises, and reckless spending have pushed inflation higher. Despite clear warnings, Labour refuses to change course, and now Welsh families are paying the price.
“Inflation has risen to 3%, with further increases expected, and the UK now faces higher inflation than Germany and France. This means higher prices, soaring mortgage rates, and more pressure on household budgets, particularly for the poorest.
“Labour’s damaging economic policies at both ends of the M4 are now really starting to hurt. Unless there’s a change of course, Wales will continue to suffer.”