Recently, economic news has often dominated newspaper headlines, apart from reports about politics.
Inflation has proven problematic around the world since the Covid-19 pandemic, especially after Russia broke in Ukraine.
Term “inflation” refers to price growth as measured by the Office for National Statistics (ONS) in the so-called Consumer price index.
Each month they compile a “basket” of more than 700 goods and services and compare their prices with those of twelve months ago.
But how to compare the situation in the UK with others European economies?
Here’s what you need to know.
What is the rate of inflation in the UK?
Inflation in the UK has recently reached an all-time high.
this month, The ONS released the news that the UK’s 12-month consumer price index (CPI) reached 10.1% in September 2022.
Great Britain too reached the same figure in July before that fell slightly in August to 9.9%.
The CPI including owner occupier housing costs (which includes costs associated with owning, maintaining and living in your home) also rose by 8.8% in the 12 months to September 2022.
The latest jump is believed to be driven by strong increases in food and soft drink prices, which rose 14.6% in the 12 months to September 2022, up from 13.1% in August. This is the highest figure since April 1980, according to ONS estimates.
Household goods, furniture and hotel accommodation also rose in price, while motor fuel contributed to lower rates.
What is the inflation rate in Europe?
Inflation rates across Europe vary, with some doing better than the UK, some doing worse, and others hovering around the same level.
In accordance with Statistics The harmonized index of consumer prices (HICP) inflation rate in the European Union (EU) for September 2022 of 10.1% in the UK is slightly better than the bloc average of 10.9%.
The worst indicators are Estonia – 24.1%, Lithuania – 22.5% and Latvia – 22%.
However, at the lower end of the scale, France sees the lowest inflation rate at 6.2%, Malta at 7.4% and Finland at 8.4% just above.
Close behind the UK’s 12-month HICP at 10.1% are Portugal at 9.8% and Sweden at 10.3%.
The current EU average of 10.9% is the highest in the bloc. Previous peaks included July 2008, when the economy experienced inflationary pressures due to a sharp rise in oil prices, with inflation peaking at 4.4%.
Outside Europe, other countries are also struggling with inflation. The US has also recently seen 40-year highs, with inflation proving to be a big problem in upcoming midterm elections.
MORE: How Much Should My Salary Increase to Beat Inflation in a Cost of Living Crisis?
MORE: How can I calculate what rising inflation will cost me and my family?
Follow Metro on our social channels Facebook, Twitter and Instagram
Share your thoughts in the comments below
Get the latest news, good stories, analysis and more
Think the UK’s inflation is bad? Here are the rates in Europe
