CPI rate forecast UK 2021-2025

In 2021 the inflation rate of the Consumer Price Index is expected to be 1.5 percent before rising to 1.8 percent in 2022, and 1.9 percent in 2023. During the provided time period the inflation rate was at it's highest in 2017 when it reached 2.7 percent.

Inflation target of two percent

The forecasted inflation rate for the CPI, does not fall in line with the UK government’s targeted rate of 2 percent. As of May 2021, the inflation rate for the United Kingdom was 2.1 percent, falling from a high of 3.1 percent almost three years earlier in November 2017. The inflation rate target of the UK government was deemed to be “about right” by 52 percent of people in the UK.

Hyperinflation

In 2019 three countries were suffering from inflation rates of more than 50 percent, Venezuela (19,906.03%), Zimbabwe (255.29%), and Argentina (53.55%). The very high levels of inflation seen in Venezuela are a symptom of the country’s political and economic crisis, which saw the government attempt to print money in response to economic problems.