UK inflation up by 1% over the past year
UK inflation up by about 1% as prices have increased slightly over the last year.
What is inflation?
Inflation is the word used to describe how much prices have increased over the previous year. The cost of items we buy is measured and compared to the previous year. Most of the time, prices go up, so we get inflation! Over the past year, UK is inflation is up by about 1%.
What are the latest numbers?
Confusingly, there are several different inflation numbers!
- CPI is the official rate. Up by 1%.
- CPIH is the official rate plus includes housing costs. Up by 1.1%.
- RPI is the “old” inflation measure. Still in use but not an “official” statistic. Up by 1.6%.
Inflation is slightly higher than the previous month, which was 0.6%. Over the past month, clothing and fuel costs have increased in price the most. Food and non alcoholic drinks decreased in price.
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Note: The ONS are the Office for National Statistics who publish official data for the UK.