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Inflation in United Kingdom
The United Kingdom saw inflation in line with the Central Bank's target of 2% on average in the previous decade. Inflation remained relatively stable until 2016 but began to rise post-Brexit due to currency depreciation. The COVID-19 pandemic further influenced inflation, leading to a significant spike in 2021-2022, driven by supply chain disruptions and increased consumer demand.
Consumer price inflation in the United Kingdom averaged 2.4% in the ten years to 2022, above the Major Economies' regional average of 2.1%. The 2022 average figure was 9.1%. For more inflation information, visit our dedicated page.
United Kingdom Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for United Kingdom from 2018 to 2017.
Source: Macrobond.
United Kingdom Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 1.8 | 0.9 | 2.6 | 9.1 | 7.3 |
| Inflation (CPI, ann. var. %, eop) | 1.3 | 0.6 | 5.4 | 10.5 | 4.0 |
| Inflation (PPI, ann. var. %, aop) | 1.4 | -1.0 | 5.2 | 16.0 | 3.2 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects British inflation projections for the next ten years from a panel of 54 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for British inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our British inflation projections.
Want to get access to the full dataset of British inflation forecasts? Send an email to info@focus-economics.com.
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