Cost of living and inflation

Overview

The cost of living increased sharply across the UK during 2021 and 2022. The annual rate of inflation reached 11.1% in October 2022, a 41-year high, before easing in subsequent months. The inflation rate reached the Bank of England’s target of 2.0% in May 2024. View all research relating to the current cost of living and inflation, including on energy and fuel prices, support for households, rising prices, rent and housing costs, the effect on students, and suggested further reading.

Inflation and the economy

Rising cost of living in the UK

This briefing covers rising prices including food and energy inflation, Government support, and how the cost of living affects households.
Inflation: Key Economic Indicators

Latest data and forecasts on UK inflation.
- Economic policy
- Economic situation
Economic indicators

Economic indicators. (Includes article on Slow Growth and Public Expenditure). House of Commons Library Research Paper 01/82.
- Economic situation
The UK economy: a dashboard

This interactive dashboard shows data on economic growth, inflation, trade, employment, government borrowing and debt across the UK.
- Economy
- International trade
Autumn Statement 2023: Background briefing

Ahead of the 2023 Autumn Statement on 22 November, this briefing looks at the UK’s economic situation, economic forecasts and the public finances.

Energy and fuel prices

Domestic energy prices

Typical household energy bills increased by 54% in April 2022 and 27% in October 2022. Lower wholesale prices have led to falls in prices, but bills remain around 29% above their winter 2021/22 levels.
- Energy
Gas and electricity prices during the 'energy crisis' and beyond

Energy prices have fallen since summer 2023, but are still be well above pre-'energy crisis' levels and are due to increase in autumn 2024.
- Energy
Local area data: fuel poverty

Find estimates of households in fuel poverty for constituencies in England, and local authorities across the rest of the UK.
- Energy
Constituency casework: Government support for energy bills

This paper answers FAQs on new government support schemes for energy bills, including: the Energy Price Guarantee, Energy Bills Support Scheme, Energy Bills Discount Scheme, Energy Bill Relief Scheme and Alternative Fuel Payments.
- Energy
Energy Prices Bill 2022-23

This briefing provides analysis of the Energy Prices Bill which includes provisions to reduce energy costs for consumers by capping energy bills and reducing wholesale electricity prices.
Energy Bills Support Scheme: Government policy and FAQs

The Government’s Energy Bills Support Scheme will provide a £400 discount on electricity bills to help households with the rising cost of energy. This briefing summarises the policy, first announced in February and updated in May and July 2022, as well as the reaction to it. It also provides information on eligibility for the scheme and answers to frequently asked questions.
- Energy
Imports of fossil fuels from Russia

The UK imported no coal, oil or gas from Russia in January 2023. The total value of UK fossil fuel imports from Russia has fallen since Russia launched its full-scale invasion of Ukraine in 2022. It was £1.34 billion in the year to January 20222
- Energy
Fuel poverty in the UK

Record energy price rises have led to concern that more families will be drawn into ever deeper fuel poverty. This briefing at how fuel poverty varies across the UK, policies to address fuel poverty, and stakeholder comment on the issue.
Petrol and diesel prices

Petrol and diesel prices hit record highs in July 2022. Since then they have fallen, but concern remains around so-called 'rocket and feather pricing'.
- Energy
- Roads

Support for households

Cost of Living Payments: Overview and FAQs

An overview of Cost of Living Payments and the Household Support Fund.
The council tax rebate: How will it work?

A resident who has moved into a property since 1 April 2022 is not eligible for the rebate for that property.
The Social Security (Additional Payments) Bill 2022-23

This briefing paper provides information on the Social Security (Additional Payments) Bill 2022-23, introduced in the House of Commons on 15 June 2022.
Spending of the Department for Work and Pensions on the cost of living measures

An Estimates Day debate on the spending of the Department for Work and Pensions on the cost of living measures will take place in the House of Commons Chamber on Tuesday 5 July 2022.
Autumn Statement 2023: A summary

A summary of the announcements in the 2023 Autumn Statement and an overview of the latest economic forecasts.
Autumn Statement 2023: Reaction

This page provides links to analysis of, and reaction to, the 2023 Autumn Statement from selected think tanks, business groups, political parties and other organisations.
- Economic policy

Rising prices and affected households

Poverty in the UK: statistics

This briefing explains UK poverty statistics, including historical trends and forecasts, and poverty by employment, tenure, ethnicity, disability and region.
- Work and incomes
Household debt: statistics and impact on economy

This briefing provides statistics and forecasts for household debt, guidance on how to interpret debt statistics and analysis on how debt effects the economy.
Food poverty: Households, food banks and free school meals

This paper provides statistics on household food insecurity, food bank usage and free school meals in the UK, and tracks the impact of rising living costs.
Food banks in the UK

The Trussell Trust, an anti-poverty charity that operates a network of food banks across the UK, reported a 37% increase in the number of three-day emergency food parcels it distributed between 31 March 2022 and 1 April 2023, compared to the year before.
- Environment
- Work and incomes
The impact of high inflation on benefit claimants

Benefit claimants are experiencing a reduction in the real value of their payments at a time when rising inflation is hitting low-income households the hardest.
Food bank demand and the rising cost of living

What effect is the rising cost of living having on food banks and the people who use them?

Rent and housing costs

Housing and the cost of living

This paper considers the impact of inflation on rent and mortgage payments and the Government response.
What is affordable housing?

This briefing explains how affordable housing is defined and looks at trends in housing affordability and the supply of affordable housing.
The rent safety net: changes since 2010

This briefing paper brings together details of the main changes to the rent safety net announced since 2010. It covers the savings achieved through changes to Housing Benefit and the Universal Credit housing costs element, as well as the impact of these policies, and the debate that surrounds them.
Constituency data: house prices

Constituency-level data on house prices and an indicator of the affordability of house prices in each area
- Home ownership

Students

Students and the rising cost of living

This briefing explains how the rising cost of living has affected further and higher education students in the UK.
How is the rising cost of living affecting students?

Rent and food prices have increased for students while maintenance loans are lower in real terms compared to last year.
Financial support for higher education students

Find out what support is available to higher education students across the UK to help with their fees and living costs.
The value of student maintenance support

How have student maintenance support levels changed over time? What support are students eligible for this and next academic year, is it enough and how much are their parents meant to contribute?
- Education
- Higher education

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