Inflation is on the rise around the world, including here at home.

The principal drivers of this inflation transcend national boundaries.

Pandemic-related bottlenecks, the economic shock waves from the war in Ukraine and pressures on food and energy supply chains are among the key factors.

Of course, the intensity of inflation varies from country to country.

We are experiencing higher inflation in the UK than we have known for some time, as are a number of our neighbours in Europe.

It is vital to control inflation – and, of course, not all of the price rises are expected to be permanent.

The Bank of England do expect the rate of inflation to slow next year and dampen down to close to the two per cent target in approximately two years.

At a macro level, there is a limited set of levers that can be pulled to help offset pressures in the immediate term.

Interest rates have risen and may rise further – though they remain low by historic standards. As ever with interest rates, there is a delicate balance that the Bank of England needs to strike.

For the government’s part, the rise in the National Insurance threshold to £12,570 has now come into effect. Seventy per cent of working people will be paying less National Insurance, saving up to £330 per year.

The national living wage has risen so the underpin level for full-time workers is up by £1,000 and the Universal Credit taper rate has been cut, providing a million families an extra £1,000.

Cost-of-living payments are being made directly, too.

Domestic electricity customers will receive at least £400.

Households on eligible means-tested benefits will receive a £650 cost-of-living payment. A first instalment of £326 is now being paid out.

There is further direct support for pensioners and those with disabilities, on top of the £150 council tax rebate paid in April and the £400 cash discount.

In all, the most vulnerable households will receive at least £1,200 this year to assist with the cost of living, when the full range of support is taken together.

A dedicated new website, Help for Households, has been set up with clear information about the support on offer. You can find it at https://costoflivingsupport.campaign.gov.uk/

There is also a page on my website with signposts to key information about the help on offer and to organisations which can provide advice and support, at https://www.damianhinds.com/cost-living

It is, obviously, important that government continues to look very carefully at the support available.

In rural areas like ours the car remains vital for getting around, so the 12-month cut in fuel duty is important.

I welcome that the regulator is ensuring this is passed on at the pump.

The government must continue to be resolutely focused on the cost of living, now and when a new prime minister is elected.

Clearly this will be a defining issue in the leadership election now under way and that is only right.

We should not underestimate the scale or complexity of the challenges we are facing. These are not issues that can simply be willed away.

But the resilience of the British people and the creativity and innovation of our businesses and entrepreneurs will help us through these storms.