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 was 3.2% in March 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

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 59% above their winter 2021/22 levels.

    Domestic energy 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 Bills Support Scheme: Government policy and FAQs
  • 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

    Imports of fossil fuels from Russia
  • 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.

    Fuel poverty in the UK
  • 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'.

    Petrol and diesel prices

Support for households

Rising prices and affected households

Rent and housing costs

Students

Further reading