Office for National Statistics (ONS) data shows that inflation has risen above 10% for the second time this year, with the consumer prices index rising to 10.1% in September from 9.9% in August. Soaring prices for food and drink were the biggest driver behind the latest cost of living increase, with an annual rise of…
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Falling petrol prices have pushed the inflation rate back to 9.9% in August latest Office for National Statistics (ONS) have shown. The consumer prices index has dipped from 10.1% in July to 9.9% last month, with cheaper motoring costs offsetting the impact of expensive food prices, although prices are still continuing to rise at nearly…
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US bank, Citi, has forecast that CPI will hit 18.6% in January, the highest rate in nearly 50 years. as it expects the energy price cap to rise to £3,717 in October, then to £4,567 in January and £5,816 in April. The banks says higher prices for the essentials will hit those on lower incomes harder – because they…
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New data from the Office for National Statistics (ONS) shows that the Consumer Price Index (CPI) rose to 10.1% in the twelve months to July, up from 9.4% in June. With the October energy price cap rise fast approaching and real wages failing to keep pace with inflation. With the real value of wages falling…
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The Resolution Foundation has warned that inflation could hit more than seven times the Bank of England’s 2% target, with the think-tank saying it could pass the 15% mark in early 2023. Inflation currently stands at 9.4% and the Bank’s Monetary Policy Committee is expected to increase interest rates further as it looks to tackle…
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Rising food and fuel prices sent CPI inflation to a fresh 40-year high of 9.4 per cent in June. The latest inflation rise was driven by the sharpest single month rise in petrol prices since at least 1989 and food price inflation, which hit a 13-year high 9.8 per cent. Inflation is expected to increase…
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New research by Institute for Fiscal Studies (IFS) has found that inflation for the poorest households is likely to increase even faster than for the richest, and could hit 14% in October. The IFS analysis incorporating an £800 increase to Ofgem’s tariff cap in October shows that the pattern of poorer households being hit harder…
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The Office for National Statistics (ONS) has revealed that consumer price index inflation hit 9% in April, its highest level in more than 40 years. Commenting on today’s inflation figures for April, ONS Chief Economist Grant Fitzner said “Inflation rose steeply in April, driven by the sharp climb in electricity and gas prices as the…
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Office for National Statistics (ONS) data shows that inflation hit a 30-year high of 7% in March. The increase marks the highest level of inflation since the 7.1% rate recorded in March 1992. Inflation increased from the 6.2% seen in February and also came in higher than the 6.7% expected by analysts. The increase does…
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A report from EY Item Club has revealed that the fifth of households on the lowest incomes will be hit the hardest by rising inflation – suffering a 9.6% rise in living costs compared with an average of 8.6% for the richest fifth of households. EY Item Club economists say inflation will peak next month…
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Inflation in the UK increased to the highest rate for three decades in January as the impact of rising energy bills fed into a wide range of goods and services, adding to the squeeze on household living standards according to the latest Office for National Statistics (ONS) said the consumer price index measure of inflation increased…
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