Economy tables: Inflation, interest rates, unemployment and GDP By THIS IS MONEY
Updated: 12:02 EST, 22 November 2024
Bank of England: the economy's power house
On this page you will find key data from the UK and global economies.
We've included a history of interest rates and inflation figures and links to other areas of This is Money and the internet, such as data from the Office of National Statistics, that you may find useful.
Scroll down for changes to the Bank Rate (formerly base rate) since 2006, RPI inflation and other key rates that may affect your spending power.
The latest GDP data can be found on the ONS website here.
UK LABOUR MARKET People out of work in three months to September 2024 Unemployment rate Claimant count (October) Annual growth in regular pay (excluding bonuses) Annual growth in average total pay (including bonuses) 1.49m 4.3% 1,805,700 4.8% 4.3% Source: Office for National Statistics
INTEREST RATES UK (Bank of England) Bank Rate* 4.75% Eurozone refinancing rate 3.40% US Federal Funds Rate 4.50-4.75% Japan Discount rate 0.50% Record UK bank rate high (1) 17% Record UK bank rate low (2) 0.10% * Formerly Bank of England Base Rate (1) In Nov 1979. More recently rate reached 14.875% in Oct 1989. Lowest rate throughout the 1980s was 7.735% (2) The rate was frozen at 0.5% between March 2009 and August 2016. Before the 2008/9 cuts it reached 2.00% 16 times in 19th Century, and twice in the 1930s. Learn more: What next for interest rates
UK INFLATION Consumer prices index (CPI) inflation October 2024 (1) 2.3% (1.7%) Government inflation (CPI) target 2% Inflation: Retail prices index (RPI) October 2024 (2) 3.4% (2.7%) Inflation: Retail prices index excl. mortgage payments (RPIX) October 2024 (3) 2.8% (2.0%) Record high inflation since 1948 (4) 24.20% Record low inflation since 1948 (5) -1.60% (1) CPI replaced RPI as official inflation figure in 2003 and has been used to calculate state pensions since 2011. (2) RPI includes mortgage interest payments. (3) RPIX excludes mortgage interest payments and is used to calculate income-related benefits. Also known as underlying rate. (4) Average 1975 RPI, peaking at 26.9% in August. (5) 12 month RPI June 2009. Note: Figures refer to annual inflation to the month shown with the previous month's figures in brackets
INFLATION HISTORY (MONTHLY CONSUMER PRICES INDEX - CPI) Oct-24 2.30% Sep-24 1.70% Aug-24 2.20% Jul-24 2.20% Jun-24 2.00% May-24 2.00% Apr-24 2.30% Mar-24 3.20% Feb-24 3.40% Jan-24 4.00% Dec-23 4.00% Nov-23 3.90% Oct-23 4.60% Sep-23 6.70% Aug-23 6.70% Jul-23 6.80% Jun-23 7.90% May-23 8.70% Apr-23 8.70% Mar-23 10.10% Feb-23 10.40% Jan-23 10.10% Dec-22 10.50% Nov-22 10.70% Oct-22 11.10% Sep-22 10.10% Aug-22 9.90% Jul-22 10.10% Jun-22 9.40% May-22 9.10% Apr-22 9.00% Mar-22 7.00% Feb-22 6.20% Jan-22 5.50% Dec-21 5.40% Nov-21 5.10% Oct-21 4.20% Sep-21 3.10% Aug-21 3.20% Jul-21 2.00% Jun-21 2.50% May-21 2.10% Apr-21 1.50% Mar-21 0.70% Feb-21 0.40% Jan-21 0.70% Dec-20 0.60% Nov-20 0.30% Oct-20 0.70% Sep-20 0.50% Aug-20 0.20% Jul-20 1.00% Jun-20 0.60% May-20 0.50% Apr-20 0.80% Mar-20 1.50% Feb-20 1.70% Jan-20 1.80% Dec-19 1.30% Nov-19 1.50% Oct-19 1.50% Sep-19 1.70% Aug-19 1.70% Jul-19 2.10% Jun-19 2.00% May-19 2.00% Apr-19 2.10% Mar-19 1.90% Feb-19 1.90% Jan-19 1.80% Dec-18 2.10% Nov-18 2.30% Oct-18 2.40% Sep-18 2.40% Aug-18 2.70% Jul-18 2.50% Jun-18 2.40% May-18 2.40% Apr-18 2.40% Mar-18 2.50% Feb-18 2.70% Jan-18 3.00% Dec-17 3.00% Nov-17 3.10% Oct-17 3.00% Sep-17 3.00% Aug-17 2.90% Jul-17 2.60% Jun-17 2.60% May-17 2.90% Apr-17 2.70% Mar-17 2.30% Feb-17 2.30% Jan-17 1.80% Dec-16 1.60% Nov-16 1.20% Oct-16 0.90% Sep-16 1.00% Aug-16 0.60% Jul-16 0.60% Jun-16 0.50% May-16 0.30% Apr- 16 0.30% Mar-16 0.50% Feb-16 0.30% Jan-16 0.30% Dec-15 0.20% Nov-15 0.10% Oct-15 -0.1% Sep-15 -0.10% Aug-15 0.00% July-15 0.10% June-15 0.00% May-15 0.10% Apr-15 -0.10% Mar-15 0.00% Feb-15 0.00% Jan-15 0.30% Dec-14 0.50% Nov-14 1.00% Oct-14 1.30% Sep-14 1.20% Aug-14 1.50% Jul-14 1.60% Jun-14 1.90% May-14 1.50% Apr-14 1.80% Mar-14 1.60% Feb-14 1.70% Jan-14 1.90% Dec-13 2.00% Nov-13 2.10% Oct-13 2.20% Sep-13 2.70% Aug-13 2.70% Jul-13 2.80% Jun-13 2.90% May-13 2.70% Apr-13 2.40% Mar-13 2.80% Feb-13 2.80% Jan-13 2.70% Dec-12 2.70% Nov-12 2.70% Oct-12 2.70% Sep-12 2.20% Aug-12 2.50% Jul-12 2.60% Jun-12 2.40% May-12 2.80% Apr-12 3.00% Mar-12 3.50% Feb-12 3.40% Jan-12 3.60% Dec-11 4.20% Nov-11 4.80% Oct-11 5.00% Sep-11 5.20% Aug-11 4.50% Jul-11 4.40% Jun-11 4.20% May-11 4.50% Apr-11 4.50% Mar-11 4.00% Feb-11 4.40% Jan-11 4.00% Dec-10 3.70% Nov-10 3.30% Oct-10 3.20% Sep-10 3.10% Aug-10 3.10% Jul-10 3.10% Jun-10 3.20% May-10 3.40% Apr-10 3.70% Mar-10 3.40% Feb-10 3.00% Jan-10 3.50% Dec-09 2.90% Nov-09 1.90% Oct-09 1.50% Sep-09 1.10% Aug-09 1.60% Jul-09 1.80% Jun-09 1.80% May-09 2.20% Apr-09 2.30% Mar-09 2.90% Feb-09 3.20% Jan-09 3.00% Dec-08 3.10% Nov-08 4.10% Oct-08 4.50% Sep-08 5.20% Aug-08 4.70% Jul-08 4.40% Jun-08 3.80% May-08 3.30% Apr-08 3.00% Mar-08 2.50% Feb-08 2.50% Jan-08 2.20% Dec-07 2.10% Nov-07 2.10% Oct-07 2.10% Sep-07 1.80% Aug-07 1.80% Jul-07 1.90% Jun-07 2.40% May-07 2.50% Apr-07 2.80% Mar-07 3.10% Feb-07 2.80% Jan-07 2.70% Dec-06 3.00% Nov-06 2.70% Oct-06 2.40% Sep-06 2.40% Aug-06 2.50% Jul-06 2.40% Jun-06 2.50% May-06 2.20% Apr-06 2.00% Mar-06 1.80% Feb-06 2.00% Jan-06 1.90% (1) CPI replaced RPI as official inflation figure in Dec 2003. Note: Figures refer to annual inflation to the month shown. Government inflation target: 2%.
RPI (RETAIL PRICES INDEX) 1948-2019 percentage change over 12 months Annualchange Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1948 .. .. .. .. .. .. 9.7 7.2 7.9 7.6 7 5.1 4.9 1949 2.8 4.6 2.9 2.3 0.6 2.6 1.3 3 3.1 3.2 3.6 3.3 3.5 1950 3.1 3.6 3.7 4.2 4.9 3.3 2.3 2.2 1.7 2 2.5 2.9 3.2 1951 9.1 3.9 4.6 5 6.3 8.7 9.6 11.3 12.2 12.3 11.9 11.9 12 1952 9.2 13 12 11.8 11.8 9.1 10.6 8.8 7.6 6.7 6.9 6.3 6.4 1953 3.1 4.4 4.6 4.8 4.1 3.7 2.6 2.7 2.6 2.6 1.7 2.1 1.1 1954 1.8 1.3 0.9 1.1 0.6 0.7 0.7 2.3 2.4 2.4 2.8 3 4 1955 4.5 4.2 4.4 3.4 3.6 3.7 5.2 3.8 3.8 4.6 5.2 6.4 5.8 1956 4.9 5.1 5.1 6.4 7.3 7.3 5 4.3 5.2 4.4 3.9 2.7 3 1957 3.7 4.4 4.3 2.8 1.8 2 3.2 4.5 4 3.9 4.3 4.5 4.6 1958 3 3.5 3.2 4.1 4.9 4.4 4.3 1.8 1.8 2.2 2.1 1.9 1.8 1959 0.6 2.1 2.5 1.8 -0.1 -0.1 -0.8 0.5 0.9 0.3 -0.2 0.2 - 1960 1 -0.5 -0.4 -0.5 0.7 1.1 1.5 1.9 1 1.7 2 1.7 1.8 1961 3.4 2.2 2.2 2.7 2.7 3 3.3 3.2 4.8 4.5 3.9 4.5 4.4 1962 4.3 4.6 4.7 4.8 5.6 5.7 5.5 5.1 3.2 3.3 2.9 2.3 2.6 1963 2 2.7 3.5 3.2 2.1 1.7 1 0.8 1.4 1.8 2.3 2.2 1.9 1964 3.3 1.9 1.2 1.4 2 3 3.4 4 4.7 4.4 4.1 4.6 4.8 1965 4.8 4.6 4.5 4.5 5.6 5 4.9 4.9 4.7 4.8 4.8 4.4 4.5 1966 3.9 4.4 4.5 4.3 3.6 3.9 3.9 3.5 3.9 3.6 3.8 4 3.7 1967 2.5 3.7 3.7 3.5 3 2.2 2.4 2.2 1.4 1.5 2 1.9 2.5 1968 4.7 2.6 3 3.4 4.4 4.6 4.6 5.3 5.7 5.9 5.6 5.2 5.9 1969 5.4 6.2 6.2 6.3 5.5 5.3 5.3 5.3 4.9 5.1 5.4 5.4 4.7 1970 6.4 5 4.9 5.1 5.6 6.1 5.9 6.7 6.8 7 7.4 7.9 7.9 1971 9.4 8.5 8.5 8.8 9.4 9.8 10.3 10.1 10.3 9.9 9.4 9.2 9 1972 7.1 8.2 8.1 7.6 6.3 6.1 6.1 5.8 6.6 7 7.9 7.6 7.7 1973 9.2 7.7 7.9 8.2 9.2 9.5 9.3 9.4 8.9 9.3 9.9 10.3 10.6 1974 16 12 13.2 13.5 15.2 16 16.5 17.1 16.9 17.1 17.1 18.3 19.1 1975 24.2 19.9 19.9 21.2 21.7 25 26.1 26.3 26.9 26.6 25.9 25.2 24.9 1976 16.5 23.4 22.9 21.2 18.9 15.4 13.8 12.9 13.8 14.3 14.7 15 15.1 1977 15.8 16.6 16.2 16.7 17.5 17.1 17.7 17.6 16.5 15.6 14.1 13 12.1 1978 8.3 9.9 9.5 9.1 7.9 7.7 7.4 7.8 8 7.8 7.8 8.1 8.4 1979 13.4 9.3 9.6 9.8 10.1 10.3 11.4 15.6 15.8 16.5 17.2 17.4 17.2 1980 18 18.4 19.1 19.8 21.8 21.9 21 16.9 16.3 15.9 15.4 15.3 15.1 1981 11.9 13 12.5 12.6 12 11.7 11.3 10.9 11.5 11.4 11.7 12 12 1982 8.6 12 11 10.4 9.4 9.5 9.2 8.7 8 7.3 6.8 6.3 5.4 1983 4.6 4.9 5.3 4.6 4 3.7 3.7 4.2 4.6 5.1 5 4.8 5.3 1984 5 5.1 5.1 5.2 5.2 5.1 5.1 4.5 5 4.7 5 4.9 4.6 1985 6.1 5 5.4 6.1 6.9 7 7 6.9 6.2 5.9 5.4 5.5 5.7 1986 3.4 5.5 5.1 4.2 3 2.8 2.5 2.4 2.4 3 3 3.5 3.7 1987 4.2 3.9 3.9 4 4.2 4.1 4.2 4.4 4.4 4.2 4.5 4.1 3.7 1988 4.9 3.3 3.3 3.5 3.9 4.2 4.6 4.8 5.7 5.9 6.4 6.4 6.8 1989 7.8 7.5 7.8 7.9 8 8.3 8.3 8.2 7.3 7.6 7.3 7.7 7.7 1990 9.5 7.7 7.5 8.1 9.4 9.7 9.8 9.8 10.6 10.9 10.9 9.7 9.3 1991 5.9 9 8.9 8.2 6.4 5.8 5.8 5.5 4.7 4.1 3.7 4.3 4.5 1992 3.7 4.1 4.1 4 4.3 4.3 3.9 3.7 3.6 3.6 3.6 3 2.6 1993 1.6 1.7 1.8 1.9 1.3 1.3 1.2 1.4 1.7 1.8 1.4 1.4 1.9 1994 2.4 2.5 2.4 2.3 2.6 2.6 2.6 2.3 2.4 2.2 2.4 2.6 2.9 1995 3.5 3.3 3.4 3.5 3.3 3.4 3.5 3.5 3.6 3.9 3.2 3.1 3.2 1996 2.4 2.9 2.7 2.7 2.4 2.2 2.1 2.2 2.1 2.1 2.7 2.7 2.5 1997 3.1 2.8 2.7 2.6 2.4 2.6 2.9 3.3 3.5 3.6 3.7 3.7 3.6 1998 3.4 3.3 3.4 3.5 4 4.2 3.7 3.5 3.3 3.2 3.1 3 2.8 1999 1.5 2.4 2.1 2.1 1.6 1.3 1.3 1.3 1.1 1.1 1.2 1.4 1.8 2000 3 2 2.3 2.6 3 3.1 3.3 3.3 3 3.3 3.1 3.2 2.9 2001 1.8 2.7 2.7 2.3 1.8 2.1 1.9 1.6 2.1 1.7 1.6 0.9 0.7 2002 1.7 1.3 1 1.3 1.5 1.1 1 1.5 1.4 1.7 2.1 2.6 2.9 2003 2.9 2.9 3.2 3.1 3.1 3 2.9 3.1 2.9 2.8 2.6 2.5 2.8 2004 3 2.6 2.5 2.6 2.5 2.8 3 3 3.2 3.1 3.3 3.4 3.5 2005 2.8 3.2 3.2 3.2 3.2 2.9 2.9 2.9 2.8 2.7 2.5 2.4 2.2 2006 3.2 2.4 2.4 2.4 2.6 3 3.3 3.3 3.4 3.6 3.7 3.9 4.4 2007 4.3 4.2 4.6 4.8 4.5 4.3 4.4 3.8 4.1 3.9 4.2 4.3 4 2008 4 4.1 4.1 3.8 4.2 4.3 4.6 5 4.8 5 4.2 3 0.9 2009 -0.5 0.1 - -0.4 -1.2 -1.1 -1.6 -1.4 -1.3 -1.4 -0.8 0.3 2.4 2010 4.6 3.7 3.7 4.4 5.3 5.1 5 4.8 4.7 4.6 4.5 4.7 4.8 2011 5.2 5.1 5.5 5.3 5.2 5.2 5 5 5.2 5.6 5.4 5.2 4.8 2012 3.2 3.9 3.7 3.6 3.5 3.1 2.8 3.2 2.9 2.6 3.2 3 3.1 2013 3 3.3 3.2 3.3 2.9 3.1 3.3 3.1 3.3 3.2 2.6 2.6 2.7 2014 2.4 2.8 2.7 2.5 2.5 2.4 2.6 2.5 2.4 2.3 2.3 2 1.6 2015 1.0 1.1 1.0 0.9 0.9 1.0 1.0 1.0 1.1 0.8 0.7 1.1 1.2 2016 1.8 1.3 1.3 1.6 1.3 1.4 1.6 1.9 1.8 2.0 2.0 2.2 2.5 2017 3.6 2.6 3,2 3.1 3.5 3.7 3.5 3.6 3.9 3.9 4.0 3.9 4.1 2018 3.3 4.0 3.6 3.3 3.4 3.3 3.4 3.2 3.5 3.3 3.3 3,2 2.7 2019 2.6 2.5 2.5 2.4 3.0 3.0 2.9 2.8 2.6 2.4 2.1 2.2 2.2 2020 1.5 2.7 2.5 2.6 1.5 1.0 1.1 1.6 0.5 1.1 1.3 0.9 1.2 2021 4.1 1.4 1.4 1.5 2.9 3.3 3.9 3.8 4.8 4.9 6.0 7.1 7.5 2022 11.6 7.8 8.2 9.0 11.1 11.7 11.8 12.3 12.3 12.6 14.2 14.0 13.4 2023 9.7 13.4 13.8 13.5 11.4 11.3 10.7 9.0 9.1 8.9 6.1 5.3 5.2 2024 - 4.9 4.5 4.3 3.3 3.0 2.9 3.6 3.5 2.7 3.4
BANK RATE (FORMERLY BASE RATE) CHANCES SINCE 2006 Bank Rate was held at 0.5% from March 2009 to August 2016 - history can be found here. Nov-24 4.75% Aug-24 5.00% Aug-23 5.25% Jun-23 5.00% May-23 4.50% Mar-23 4.25% Feb-23 4.00% Dec-22 3.50% Nov-22 3.00% Sep-22 2.25% Aug-22 1.75% Jun-22 1.25% May-22 1.00% Mar-22 0.75% Feb-22 0.50% Dec-21 0.25% Mar-20 0.10% Mar-20 0.25% Aug-18 0.75% Nov-17 0.50% Aug-16 0.25% Mar-09 0.50% Feb-09 1.00% Jan-09 1.50% Dec-08 2.00% Nov-08 3.00% Oct-08 4.50% Apr-08 5.00% Feb-08 5.25% Dec-07 5.50% Jul-07 5.75% May-07 5.50% Jan-07 5.25% Nov-06 5.00% Aug-06 4.75%
CONSUMER RATES Halifax standard variable mortgage rate 8.74% Premium Bonds average rate of return 4.15% Lotto - against winning main jackpot 45m to 1 Top savings rates Click here
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Economy: GDP, interest rates, inflation, unemployment
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