Article ID: 6a8a4047814c4caf54b3c5a3cb97db34d42c2bc055d07c9a5e04e1a007712a77
Source ID: regulatory:bankofengland.co.uk
Published At: -
Extraction Method: trafilatura
URL: https://www.bankofengland.co.uk/monetary-policy/inflation
Body Text
What is inflation? Inflation is a measure of how much the prices of goods (such as food or televisions) and services (such as haircuts or train tickets) have gone up over time. Usually people measure inflation by comparing the cost of things today with how much they cost a year ago. The average increase in prices is known as the inflation rate. So if inflation is 3%, it means prices are 3% higher (on average) than they were a year ago. For example, if a loaf of bread cost £1 a year ago and now it’s £1.03 then its price has risen by 3%. Use our inflation calculator to find out how prices have changed over the years.
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