Rishi Sunak has little to celebrate as cost of living crisis enters a new phase | Richard Partington

The inflation shock may be fading but 13 years of Conservative-led governments haven't

Rishi Sunak is approaching the end of the year with little to celebrate. Of the five priorities set by the prime minister in January, four are in a mess: the economy is shrinking, the national debt will only fall if you believe in tax and spending fantasy, NHS waiting lists remain sky-high, and stopping the boats", through the Rwanda policy, is both failing and blowing the Tories apart.

This week there will, however, be one crumb of comfort: from official figures expected to show another fall in inflation, from 4.6% in October to 4.4% in November; no doubt to be accompanied by a flurry of government fanfare taking credit that the pledge to halve inflation, from over 10% at the start of the year, has been met. But even here Sunak could find trouble.