Shadow Chancellor Rachel Reeves has raised serious concerns about the accuracy of inflation data published by the Office for National Statistics (ONS). The Labour MP has called for greater transparency in how key economic indicators are calculated, suggesting that current methods may not fully reflect the financial pressures faced by households.
Doubts Over Official Figures
In a pointed intervention, Reeves questioned whether the ONS's Consumer Prices Index (CPI) truly captures the rising cost of living. "When families across the country are struggling to make ends meet, we need absolute confidence in our economic data," she stated.
Bank of England Under Scrutiny
The controversy comes as Bank of England Governor Andrew Bailey faces increasing pressure over monetary policy decisions. With inflation remaining stubbornly high, critics argue that unreliable data could lead to poor policy choices.
Government Response
Work and Pensions Secretary Mel Stride defended the ONS's methodology, stating: "Our statistics are internationally recognised for their rigour. We constantly review our processes to ensure they meet the highest standards."
Economists remain divided on the issue, with some supporting Reeves' call for review while others warn against politicising statistical processes.
