In October 2022, the CPI inflation rate reached 11.1 percent and is not expected to fall below the Bank of England target of two percent until at least 2024. Based on forecasts from the Autumn Budget of 2022, real household disposable income in the UK will fall by 4.3 percent in the 2022/23 financial year, the biggest fall in living standards since the mid 1950s, when this type of data was first produced.Īlthough the UK economy returned to growth in 2021 and avoided high levels of unemployment, inflation has reached levels not seen for decades. The crisis is even more acute for the poorest UK households, which typically spend a higher proportion of their income on food and housing costs. The households in question mainly attributed this increase to higher food, electricity, and fuel costs. In the same month, 67 percent of households had experienced monthly increases in their cost of living, down from a peak of 91 percent in the Summer of 2022. As of January 2023, 92 percent of UK households reported that their cost of living had increased compared with a year earlier. Households in the United Kingdom have experienced a significant fall in living standards since late 2021.
Cost of living crisis in the UK - Statistics & Facts
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