Inflation tracker

A visualisation of the latest UK Consumer Price Index (CPI) data with expert commentary from key PwC leaders. 

UK Inflation Tracker

Using the UK Office of National Statistics data for the Consumer Price Index, we have visualised some of the most common categories in order to understand the market trends in inflation. The data is updated monthly as new data is released.

Last updated: 19 June 2024

PwC expert commentary

Today marks a decisive moment in the fight against inflation as it is the first time it has been confirmed that CPI inflation has returned to the Bank of England’s 2.0% target in almost three yea rs. This is the longest period that inflation has exceeded the 2% target since the early 2010s, when it took four years to return to target. However, during that period inflation only peaked at 5.2%, compared to a peak of 11.1% in October 2022.

Consumer prices have risen by 20% since inflation was last at target. In the three years prior to this inflation episode, prices had risen by just 5%. That means the cumulative increase in prices has been roughly four-times faster than in more normal times. The one saving grace for households is that nominal earnings have increased by 18% over the same period, preventing a sharper decline in living standards.

However, it is not ‘job done’ yet. If prices continue to rise at the same month-on-month rate as they did this month (0.3%), then headline inflation will be back over the 2% target next month (at 2.1%). This is because underlying momentum remains above levels that are consistent with the 2% target, particularly with regards to services inflation.

Jake Finney, Economist at PwC

Contact us

Barret Kupelian

Barret Kupelian

UK Chief Economist, PwC United Kingdom

Tel: +44 (0)7711 562331

Gemma-Louise Bond

Corporate Affairs Manager - Retail, consumer and leisure, PwC United Kingdom

Tel: +44 (0)7483 147794

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