February 2024 – Inflation rate - Latest News

Source: Office of National Statistics and BBC

The inflation rate was at 4% in January 2023. This remains on par with previous months but continues the downward trend from highs over a year ago of 11.1% in October 2022. The main two contributing factors for the surge in recent times have been mostly down to the COVID-19 Pandemic, the war in Ukraine and the knock on effects to the overall supply chain. The UK initially lagged behind many of it’s other counterparts in the West in being slower to tackle high inflation but things appear to be going in the right direction now although many households are feeling the effects of the cost of living crisis which has been a result of high inflationary pressures.