Inflation United Kingdom 2024
Average inflation: 3.3%
Current Inflation
Inflation is high at 3.3%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 4.2%. The lowest inflation was in September at 2.6%.
- Highest month
- January: 4.2%
- Lowest month
- September: 2.6%
- Difference
- 1.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Alcoholic beverages, tobacco and narcotics with an average of 7.8%. The lowest price increase was in Furnishings, household equipment and maintenance with an average of -0.8%.
- Highest increase
- Alcoholic beverages, tobacco and narcotics: 7.8%
- Lowest increase
- Furnishings, household equipment and maintenance: -0.8%
Historical Context
Current inflation is 1.0% lower than the 5-year average of 4.3%.
- 5-year average
- 4.3%
- 10-year average
- 3%
- All-time high (2022)
- 7.9%
- All-time low (2015)
- 0.4%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +3.5 percentage point.
- Change vs. previous year
- -3.5 percentage points
- Largest monthly swing
- February: -5.4 percentage points
ECB Target
Inflation is 1.3% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 4.2% | -4.6 |
| February | 3.8% | -5.4 |
| March | 3.8% | -5.1 |
| April | 3.0% | -4.8 |
| May | 2.8% | -5.1 |
| June | 2.8% | -4.5 |
| July | 3.1% | -3.3 |
| August | 3.1% | -3.2 |
| September | 2.6% | -3.7 |
| October | 3.2% | -1.5 |
| November | 3.5% | -0.7 |
| December | 3.5% | -0.7 |
| Average | 3.3% |
Data source
Data from OECD. Last updated: 11/01/2026.