thehatfox@lemmy.world to United Kingdom · 11 months agoUK inflation falls sharply to 6.8% as cost of living pressures easewww.theguardian.comexternal-linkmessage-square15fedilinkarrow-up153arrow-down11cross-posted to: uk_politics
arrow-up152arrow-down1external-linkUK inflation falls sharply to 6.8% as cost of living pressures easewww.theguardian.comthehatfox@lemmy.world to United Kingdom · 11 months agomessage-square15fedilinkcross-posted to: uk_politics
minus-squaremerridewlinkfedilinkEnglisharrow-up29·11 months agoInflation rates are quoted as rolling annual percentages. Since 2019, the cost of goods and services has gone up 21.94%. You can find out more about much the value of your money has decreased over time using the Bank of England’s Inflation Calculator at https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator
minus-squareGreatAlbatrossMAlinkfedilinkEnglisharrow-up13·11 months agoThis is the important one. Inflation figures are year-on-year. If the high rate continues for more than 1y, the hike can be more painful than the YOY number suggests.
Inflation rates are quoted as rolling annual percentages.
Since 2019, the cost of goods and services has gone up 21.94%.
You can find out more about much the value of your money has decreased over time using the Bank of England’s Inflation Calculator at https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator
This is the important one. Inflation figures are year-on-year.
If the high rate continues for more than 1y, the hike can be more painful than the YOY number suggests.