IEA Head of Lifestyle Economics Christopher Snowdon appeared on talkTV to discuss the surprise increase in inflation in February 2023.

Christopher said:

“I was hopeful for quite a significant decline [in the rate of inflation] because we’re now at the point where inflation was very high 12 months ago and once you’ve seen a big bout of inflation, you hope that things are going to level off,

“There’s this popular idea that we only have high inflation because of the war in Ukraine, the sanctions, and the price of energy, but in February last year (before the war began), inflation was already 6 per cent…and gas prices in particular were already very high. They’ve come down since and yet we’re not seeing this decline, we saw this small increase.

“It gets pretty worrying now and if we don’t see a steep decline in the next month or two, we’re in big trouble. I think we’re in quite a lot of trouble as it is.”

View Christopher’s full appearance here (30:45).