The Guardian view on GDP: a poor measure of what matters in Britain’s economy | Editorial

The public doesn't understand how economic growth is measured, let alone enjoy much of it. So why is it central to this election?

Great news this morning!" beamed Rishi Sunak on Wednesday. Not every release from the Office for National Statistics gets its own prime ministerial post on Instagram, but inflation falling to 2% was, the Tory leader claimed, a personal victory. When he moved into No 10, it was 11%, he reminded voters. But we took bold action, we stuck to a clear plan and that's why the economy has turned a corner."

Not so fast, Mr Sunak. The prices of food and petrol remain about 25% higher than two years ago. More than one in five households say that they are strugglingto pay their bills or to make ends meet. The cost of living crisis was always much bigger than a number on the consumer price index: it was a catch-all term, taking in everything from a punitive welfare system and poorly paid and insecure work to rising expenses. Millions of households were in a cost of living crisis long before it made the front pages; long after the term falls out of fashion, they will still be in one.