From late 2021 onwards, various factors converged to encourage a global acceleration of prices, leading to the ongoing inflation crisis. Central bank interest rates were raised globally in response to the problem, possibly putting an end to the era of cheap money that has defined monetary policy since the financial crash of 2008. The highest average temperature recorded in 2024 until November was in August, at 16.8 degrees Celsius. Since 2015, the highest average daily temperature in the UK was registered in July 2018, at 18.7 degrees Celsius. One noticeable anomaly during this period was in December 2015, when the average daily temperature reached 9.5 degrees Celsius. This month also experienced the highest monthly rainfall in the UK since before 2014, with England, Wales, and Scotland suffering widespread flooding.
RPI annual inflation rate UK 2019-2029
Russia’s invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024. The UK inflation rate was 3.6 percent in October 2025, down from 3.8 percent in the previous two months, which was the fastest rate of inflation since January 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years.
Annual inflation rate of the Retail Price Index in the United Kingdom from 2019 to 2029
The most important key figures provide you with a compact summary of the topic of “The UK economy” and take you straight to the corresponding statistics. The most important key figures provide you with a compact summary of the topic of “The United Kingdom” and take you straight to the corresponding statistics. The most important key figures provide you with a compact summary of the topic of “UK GDP” and take you straight to the corresponding statistics. Unsurprisingly, the heat wave that spread across the British Isles in 2018 was the result of particularly sunny weather.
- This followed 2022, when RPI inflation reached a rate of 11.6 percent, by far the highest annual rate during this provided time period.
- There was far less industrial action by 2024, however, due to settlements in many of the disputes, although some are ongoing as of 2025.
- Between 2021 and 2023, inflation surged in the UK, reaching a 41-year-high of 11.1 percent in October 2022.
- In London, the average annual salary was far higher than the rest of the country, at 47,455 pounds per year, compared with just 32,960 in North East England.
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- As of February 2025, the overall CPI inflation rate was 2.8 percent, although an uptick in inflation is expected later in the year, with a rate of 3.7 percent forecast for the third quarter of the year.
As of the most recent month, prices were rising fastest in the education sector, at 7.5percent, with prices increasing at the slowest rate in the clothing and footwear sector. One of the main consequences of high inflation and low wage growth throughout 2022 and 2023 was an increase in industrial action in the UK. In December 2022, for example, there were approximately 830,000 working days lost due to labor disputes.
This statistic is using non gamstop casinos original data from the Office for National Statistics and includes copyright material from © Crown, licensed under the Open Government License v3.0. The most important key figures provide you with a compact summary of the topic of “Fast food restaurants in the United Kingdom” and take you straight to the corresponding statistics. The most important key figures provide you with a compact summary of the topic of “Migration in the UK” and take you straight to the corresponding statistics.
UK economic growth since 2023
Between 2021 and 2023, inflation surged in the UK, reaching a 41-year-high of 11.1 percent in October 2022. Although inflation fell to more usual levels by 2024, prices in the UK had already increased by over 20 percent relative to the start of the crisis. The two main drivers of price increases during this time were food and energy inflation, two of the main spending areas of UK households. Like the Retail Price Index, the Consumer Price Index inflation rate also reached a recent peak in October 2022. In that month, prices were rising by 11.1 percent and did not fall below double figures until April 2023. This fall was largely due to slower price increases in key sectors such as energy, which drove a significant amount of the 2022 wave of inflation.
