U.K.: RPI Annual Inflation Rate, by year
YearRPI inflation rate,
in %
  • Region: United Kingdom
  • Time period: 2000 to 2028
  • Published: Nov 2023

Data Analysis and Insights

Updated: Mar 28, 2024 | Published by: Statistico

Highest RPI inflation rate observed in 2022

The UK experienced its highest RPI inflation rate of 11.6% in 2022, indicating a significant rise in prices compared to other years within the given timeframe.

Negative inflation rate recorded only in 2009

In 2009, the RPI inflation rate was -0.5%, marking the only instance of a negative inflation rate, which suggests a period of deflation.

Decade with the most fluctuation: 2010-2019

The decade from 2010 to 2019 showed considerable fluctuation in RPI inflation rates, ranging from a low of 1.0% in 2015 to a high of 5.2% in 2011, highlighting a volatile economic period.

2020s marked by significant inflationary spike

The early 2020s, particularly from 2020 to 2023, experienced a notable inflationary spike, with rates escalating from 1.5% to 10.0%, showcasing the impact of economic pressures in this era.

Steady inflation rates in the early 2000s

Between 2000 and 2005, RPI inflation rates were relatively steady, maintaining an average rate of approximately 2.9%, indicating a period of economic stability.

Projected RPI inflation rates show moderation

Projections for 2024 to 2027 indicate a moderation in RPI inflation rates, with a forecasted decrease to 2.5% by 2026 before slightly increasing to 2.8% in 2027, suggesting an expectation of stabilizing economic conditions.

Frequently Asked Questions

What was the highest RPI inflation rate observed in 2022?

The highest RPI inflation rate recorded in 2022 was 11.6%.

When was the only instance of a negative inflation rate recorded?

The only instance of a negative inflation rate was in 2009, with a rate of -0.5%.

Terms and Definitions

Inflation is a term in economics that reflects the rate at which the general level of prices for goods and services is rising, subsequently leading to a fall in the purchasing power of money. In other words, inflation means you're seeing a decrease in the buying power of your money.

The rate of inflation is the percentage increase in the general level of prices over a period, usually a year. If the rate of inflation is 5%, this means on average the price of goods and services has increased by 5% over the year.

The Retail Price Index (RPI) is a measure of inflation published by the United Kingdom's Office for National Statistics. It measures the change in the cost of a representative sample of retail goods and services.

RPI Inflation, often referred to as 'headline inflation', is the annualised change in the Retail Price Index. If the 'RPI inflation' is 2%, this indicates that the basket of goods and services that are measured by the RPI has increased in cost by 2% over the last year.

The annual rate of RPI inflation is the proportion at which the general level of prices for goods and services measured by the Retail Price Index (RPI) rises in a one year period. For instance, if the annual RPI inflation rate is 3%, it indicates that prices have increased by 3% over the last year.

The Office for National Statistics (ONS) is the UK's largest independent producer of official statistics and is the recognised national statistical institute for the UK. It is responsible for collecting and publishing statistics related to the economy, population and society of the UK, including RPI inflation.

Purchasing Power is the value of a currency in terms of the amount of goods or services that one unit of money can buy. Reduction in purchasing power is a risk that results from inflation as it erodes the value of money over time.

In the context of measuring inflation, a basket of goods and services is a constant set of consumer products, including food, housing, transportation, and medical care, whose price movements are tracked over time. This basket is used to calculate the Consumer Price Index (CPI) and the Retail Price Index (RPI).
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