Inflation is down which means interest rates will stay low. Steady petrol and diesel prices are one of the reasons for this positive news. The Office for National Statistics report that the fall in pump prices between 2013 and 2014 has had a negative effect on inflation. And this isn't the first time we've seen official government data showing that stable or falling road fuel prices benefit the economy significantly. When the ONS publish their inflation figures petrol and diesel form a critical part of their calculations and over the last two years we've seen that the lack of price spikes has always contributed to lower inflation.
Raising interest rates in the next 24 months would stall the consumer recovery and to allow high pump prices to be one of the major causes of higher inflation would be reckless in the extreme. FairFuelUK's constant lobbying of The Treasury to suspend future duty rises has created stable transport costs for the UK economy and our highlighting of the potential for oil market manipulation has made the commodities industry aware that they are now under constant scrutiny and that market pricing abuses won't be tolerated.
This, as we've always said, is the right way to ensure that businesses, families and the wider economy have predictable and affordable transport costs. Allowing duty and oil market prices to run out of control would have sabotaged any chance of the UK's financial renaissance. Without our efforts diesel could now cost more than £1.50 a litre and those inflation figures wouldn't look nearly so cheerful.
Its been a long hard battle and one we'll have to continue fighting. But we should all take comfort in the fact that this campaign and all your support really has made us pay less for virtually everything.