Inflation is down. The rate of annual price rises fell to 4.6% in October, from double digits back in March. As Rishi Sunak reminds us, inflation has been halved. Some Conservatives may wonder why they’re not getting much credit: Labour’s poll lead has not dropped during 2023. It shouldn’t.

Lower inflation means lower price rises, not lower prices. Our latest Resolution Foundation survey of the British public found that almost........

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