. The consumer price index (CPI) measure of inflation fell from 7.9% in June. It means prices are still rising but at a slower rate than before. Inflation is a measure of how the price of goods and services has changed over the past year. What is inflation? Inflation is a measure of how much goods and services are worth in a given period. This means how much the price of goods, such as food or televisions, and services, such as haircuts or train tickets, has changed over time. It is known as a "backward-looking measure", which means it indicates what has happened over the past year. That obviously means that it does not predict the future. The rate of inflation is published each month by the ONS. It's a non-ministerial department which reports directly to Parliament. How does inflation impact prices? Inflation doesn't impact prices, rather it's a measure of how prices have changed over the past year. When it goes up, it means prices on everyday items, essentials, fuel and bills are higher. That means millions of households' budgets are squeezed. What inflation calculators can I use? The calculators available can show you how prices have changed over time. There are several to choose from: Bank of England The Bank of England's inflation calculator allows you to see what good and services will cost you. You can type in a monetary amount, a year and then compare it to this year. Office for National Statistics The ONS' calculator estimates a personal inflation rate based on your spending patterns. It then compares this with what in){kind=link}
INFLATION has been steadily falling but that doesn’t mean prices are dropping too.
There are a number of online calculators that can give you a rough idea of just how much price rises may affect you.
It comes as inflation fell again to 6.8% in the year to July, according to the Office of National Statistics (ONS).
The consumer price index (CPI) measure of inflation fell from 7.9% in June.
It means prices are still rising but at a slower rate than before.