Inflation United Kingdom 2023
Average inflation: 6.8%
Current Inflation
Inflation is very high at 6.8%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 9.2%. The lowest inflation was in November at 4.2%.
- Highest month
- February: 9.2%
- Lowest month
- November: 4.2%
- Difference
- 5.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 14.8%. The lowest price increase was in Transport with an average of 0.4%.
- Highest increase
- Food and non-alcoholic beverages: 14.8%
- Lowest increase
- Transport: 0.4%
Historical Context
Current inflation is 2.8% higher than the 5-year average of 4.0%.
- 5-year average
- 4%
- 10-year average
- 2.8%
- All-time high (2022)
- 7.9%
- All-time low (2015)
- 0.4%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.1 percentage point.
- Change vs. previous year
- -1.1 percentage points
- Largest monthly swing
- November: -5.1 percentage points
ECB Target
Inflation is 4.8% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.8% | +3.9 |
| February | 9.2% | +3.7 |
| March | 8.9% | +2.7 |
| April | 7.8% | 0.0 |
| May | 7.9% | 0.0 |
| June | 7.3% | -0.9 |
| July | 6.4% | -2.4 |
| August | 6.3% | -2.3 |
| September | 6.3% | -2.5 |
| October | 4.7% | -4.9 |
| November | 4.2% | -5.1 |
| December | 4.2% | -5.0 |
| Average | 6.8% |
Data source
Data from OECD. Last updated: 13/01/2026.