As inflation hits a near 30-year high, we reveal which goods and services are the most expensive today – from food and energy bills, to hotel stays and gas.
According to the ONS, food prices rose 4.5% in the year to December – but what about other products?
The cost of living rose at its fastest pace in nearly 30 years last month, new figures from the Office for National Statistics show, people in the UK are feeling the pinch on everything from energy bills to cars. old.
Inflation in the UK rose 5.4% in the year to December, according to the latest ONS Consumer Price Index data, the highest monthly change since March 1992.
The Confederation of British Industry (CBI) has warned “we are yet to see the end of rising inflation”, adding it expected households to face a crisis in the cost of living. active for most of this year.
But which items have had the strongest price increases over the past year?
Our interactive chart below shows which goods and services consumers charged the highest premium for in December.
What is the consumer price index?
Inflation is a measure of how prices of goods and services change over time.
The Consumer Price Index (CPI) weighs changes in the average price of a ‘basket’ of goods and services, to track the cost of living in the UK.
Goods and services cover a wide range, from food, drink and gasoline to medicine, energy and haircuts.
Inflation is usually measured on an annual basis, with prices each month relative to their level in the same month a year earlier.
Not all goods and services have the same effect on overall inflation. They are weighted, based on their relative importance and how big they make up our overall spending.
For example, in the food category, the price of breakfast cereals is twice the price of ice cream and candy. Therefore, an increase in prices for breakfast cereals will affect overall inflation more strongly than an increase in prices for ice cream.
You can search and compare the inflation rates of different goods and services in our interactive chart above, to see which has the biggest price increase.
You can find a list of definitions for each category and examples of what they refer to in the table at the bottom of this page.
What goods and services have the greatest inflation?
Energy bills were a big driver of December CPI inflation, with prices for electricity, gas and other fuels up 22.7% year over year.
Next is accommodation – including hotels, camping sites and all other accommodation facilities, with prices increasing by 15.5%.
In December 2020, most accommodation services in the UK will be required to close during the 11th closure. Any cheap offers to attract returning tourists will be reflected. reflected in the price comparison table between years.
The ONS told NationalWorld that high inflation in the region could be attributed to lower prices last year and higher prices this year.
Prices fell unusually in December 2020 but were also stronger than average growth throughout 2021.
Meanwhile, food staples were up 4.5% in the year to December.
How has CPI changed over time?
December CPI rate at the highest level in nearly 30 years.
In March 1992, inflation was at 7.1%. Since then, peaks have risen to 5.2% in September 2008 and September 2011, before hitting 5.4% last month.
Inflation rose for 9/12 months in 2021, with declines in February, July and September.
Annual inflation is always influenced by what happened in the previous year, as it is a year-to-year comparison.
In August 2021, inflation was at 3.2%, at the time the highest level in nearly a decade.
The increase was then attributed to the Government’s Eat Out to Help Out scheme, which saw consumers get steep discounts on restaurant and cafe bills the previous August, as well as cuts temporary VAT.
Average inflation for the whole of 2021 is actually lower than in 2017.
In 2021, prices are up 2.6% year-on-year, compared with an annual increase of 2.7% four years earlier.
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https://www.nationalworld.com/news/uk/which-prices-are-rising-fastest-the-goods-and-services-getting-more-expensive-as-uk-inflation-hits-54-3533874 Which prices are increasing the fastest? Goods and services become more expensive as UK inflation hits 5.4%