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What does the UK’s soaring inflation rate mean for you?
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The headline rate of inflation in the UK has risen to 5.1% – its highest rate in a decade. The speed of increase has taken forecasters by surprise – last month the Bank of England said it expected inflation to peak at 5%, but not until April next year.
It is the measure of how much prices are rising and falling and is tracked by several different indices. The main measure used by economists is the consumer prices index (CPI), which records the cost of a basket of 700 items including food,
Read more on theguardian.comAbout this in other media
What the interest rate rise means for your mortgage, debt and savings theguardian.com /3 years ago
As cost of food and fuel soars, is there an appetite to raise UK interest rates? theguardian.com /3 years ago
UK inflation jumps to 10-year high as petrol prices soar theguardian.com /3 years ago
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