How is inflation affecting your household costs?

Using the Office for National Statistics (ONS) inflation calculator, you can see how increases in the cost of living have affected you in the past year.

Inflation is a measure of how prices of goods and services are changing in the UK, and it can have a big impact on people’s household finances.

SHOPPING BASKET

Each month, the ONS publishes the latest annual inflation rate, which measures the change in the price of regularly purchased products (known as the basket of goods and services) compared with the same time the previous year.

Some goods contribute more to the overall inflation rate than others – if some products see a large increase in prices, while others stay more stable, then inflation would be driven by the changing prices in that spending category.

So, how the headline inflation rate affects your household depends on which products you tend to spend your money on. This calculator estimates a personal inflation rate for your household.

HOW TO USE THE CALCULATOR

This calculator estimates a personal inflation rate based on your household spending patterns and compares this to headline inflation. You will be asked how much your household spends on a range of categories including: groceries, housing, communication, transport, leisure etc. The calculator will:

•  estimate how much your monthly spend has increased over the past year

•  show you how this compares with previous years

•  break down which items are contributing most to your cost-of-living increases

When thinking about your household spending, consider the spending of every person you live with, including partners and children. If you live in shared accommodation, or do not know the spending patterns of others in your household, just provide your personal share of expenses.

For the most accurate estimate, provide detailed costs for as many of the fields as possible. It is also important to consider irregular purchases, such as household appliances or a new car, and include the average amount this costs you per week, month or year. •

Further information on how the calculator works and its limitations, see the further information section.