Inflation fell again in December, it was reported this week, dipping from 10.7 to 10.5%
“It is being caused predominantly by high inflation outstripping wage and benefit increases and has been further exacerbated by recent tax increases.”
Here’s what we know about when inflation could fall, how this affects you, and what it means for your money.of how much the prices of goods and services increase over time. It is one of the most relevant economic measures for consumers as it affects their buying power and has an impact on everything from fuel prices to mortgages, as well as things like the price of train tickets and the cost of shopping.
Inflation is usually measured by comparing the cost of things today with a year ago. This average increase in prices is known as the inflation rate. If the rate of inflation is 1 per cent, it means that prices are higher by 1 per cent on average. For example, a loaf of bread that cost you £1 a year ago will now cost you £1.01.In the UK, inflation is measured by the Office for National Statistics, which produces three main estimates of inflation: the CPI, the Consumer Price Index Including Housing Costs , and the Retail Price Index .
by the end of 2023 – but this was already forecast to happen. The Bank of England is expecting inflation to fall sharply from the middle of the year, for three main reasons.
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