Energy Inflation in the United Kingdom decreased to -6.60 percent in January from -6 percent in December of 2024. This dataset includes a chart with historical data for the United Kingdom Energy Inflation.

This statistic shows the Consumer Price Index (CPI) for electricity in the United Kingdom (UK) as an annual average from 2008 to 2023, where the year 2015 equals 100. In 2023 the annual average price index value of electricity was measured at 224.6, the highest recorded value during the period in display.

Inflation for housing, water, electricity, gas, and other fuels in the United Kingdom was three percent in the fourth quarter of 2024, a relatively sharp uptick from the previous quarter and above the overall rate of inflation.

In February 2025, electricity prices in the United Kingdom amounted to 143.37 British pounds per megawatt-hour, an increase on the previous month. A record high was reached in August 2022 when day-ahead baseload contracts averaged 363.7 British pounds per megawatt-hour.
Electricity price stabilization in Europe Electricity prices increased in 2024 compared to the previous year, when prices stabilized after the energy supply shortage. Price spikes were driven by the growing wholesale prices of natural gas and coal worldwide, which are among the main sources of power in the region.

… and in the United Kingdom? The United Kingdom was one of the countries with the highest electricity prices worldwide during the energy crisis. Since then, prices have been stabilizing, almost to pre-energy crisis levels. The use of nuclear, wind, and bioenergy for electricity generation has been increasing recently. The fuel types are an alternative to fossil fuels and are part of the country's power generation plans going into the future.

Graph and download economic data for Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Energy for United Kingdom (CPGREN01GBM659N) from Jan 1971 to Jan 2025 about fuels, electricity, energy, gas, United Kingdom, CPI, price index, indexes, and price.

In 2023, the annual average consumer price index of electricity, gas and other fuels in the United Kingdom was measured at 211.4. This was the peak in the period of consideration, up from 183.9 the year prior. The base year was 2015, equaling 100. The consumer price of natural gas also increased to similar levels.

This statistic shows the monthly trend in output prices of electrical equipment in the United Kingdom (UK) from January 2016 to March 2024, measured using the Producer Price Index (PPI). Over the years observed, output prices of electrical equipment sold by UK manufacturers increased steadily, with the PPI reaching 133.7 in March 2024.

The UK inflation rate was three percent in January 2025, up from 2.5 percent in the previous month, and the fastest rate of inflation since March 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years. As of the most recent month, prices were rising fastest in the communications sector, at 6.1 percent, but were falling in both the furniture and transport sectors, at -0.3 percent and -0.6 percent respectively.
The Cost of Living Crisis High inflation is one of the main factors behind the ongoing Cost of Living Crisis in the UK, which, despite subsiding somewhat in 2024, is still impacting households going into 2025. In December 2024, for example, 56 percent of UK households reported their cost of living was increasing compared with the previous month, up from 45 percent in July, but far lower than at the height of the crisis in 2022. After global energy prices spiraled that year, the UK's energy price cap increased substantially. The cap, which limits what suppliers can charge consumers, reached 3,549 British pounds per year in October 2022, compared with 1,277 pounds a year earlier. Along with soaring food costs, high-energy bills have hit UK households hard, especially lower income ones that spend more of their earnings on housing costs. As a result of these factors, UK households experienced their biggest fall in living standards in decades in 2022/23. Global inflation crisis causes rapid surge in prices The UK's high inflation, and cost of living crisis in 2022 had its origins in the COVID-19 pandemic. Following the initial waves of the virus, global supply chains struggled to meet the renewed demand for goods and services. Food and energy prices, which were already high, increased further in 2022. Russia's invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024.

UK Electricity decreased 15.90 GBP/MWh or 15.52% since the beginning of 2025, according to the latest spot benchmarks offered by sellers to buyers priced in megawatt hour (MWh). This dataset includes a chart with historical data for the United Kingdom Electricity Price.

Graph and download economic data for Consumer Price Index: Housing, Water, Electricity, Gas and Other Fuels (COICOP 04): Electricity, Gas and Other Fuels: Total for United Kingdom (GBRCP040500GPQ) from Q2 1988 to Q3 2023 about water, fuels, electricity, gas, United Kingdom, CPI, price index, indexes, and price.

CPI energy intensity of household purchases, COICOP class level categories, UK.

Graph and download economic data for Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Energy for United Kingdom (GBRCPIENGQINMEI) from Q1 1970 to Q4 2024 about energy, United Kingdom, CPI, price index, indexes, and price.

As of the fourth quarter of 2024, oil prices in the United Kingdom stood at 74 dollars per barrel, with prices expected to rise to 76.6 dollars a barrel in early 2025, before gradually falling in subsequent quarters.

United Kingdom Retail Price Index: 2010=100: Fuel: Electricity data was reported at 150.320 2010=100 in Sep 2018. This records an increase from the previous number of 144.686 2010=100 for Jun 2018. United Kingdom Retail Price Index: 2010=100: Fuel: Electricity data is updated quarterly, averaging 85.659 2010=100 from Mar 1996 (Median) to Sep 2018, with 91 observations. The data reached an all-time high of 150.320 2010=100 in Sep 2018 and a record low of 54.161 2010=100 in Jun 2001. United Kingdom Retail Price Index: 2010=100: Fuel: Electricity data remains active status in CEIC and is reported by Department for Business, Energy and Industrial Strategy. The data is categorized under Global Database’s United Kingdom – Table UK.RB018: Fuel Overview.

Spain Electricity decreased 81.27 EUR/MWh or 59.82% since the beginning of 2025, according to the latest spot benchmarks offered by sellers to buyers priced in megawatt hour (MWh). This dataset includes a chart with historical data for Spain Electricity Price.

Graph and download economic data for Producer Prices Index: Economic Activities: Energy: Total for United Kingdom (PIEAEN01GBM661N) from Dec 2008 to Dec 2022 about energy, United Kingdom, PPI, price index, indexes, and price.

The inflation rate for the Retail Price Index (RPI) in the United Kingdom was 3.6 percent in January 2025, up from 3.5 percent in the previous month. From 2021 onwards, prices in the UK rose rapidly, with the RPI inflation rate peaking at 14.2 percent in October 2022. Although inflation fell in subsequent months, it wasn't until July 2023 that inflation fell below double digits, and as of late 2024, the RPI rate was still above three percent. The CPI and CPIH While the retail price index is still a popular method of calculating inflation, the consumer price index (CPI) is the current main measurement of inflation in the UK. There is also an additional price index, which includes some extra housing costs, known as the Consumer Price Index including homer occupiers' costs (CPIH) index, which is seen by the UK's Office of National Statistics as the official inflation rate. As of December 2024, the CPI inflation rate stood at 2.5 percent, while the CPIH rate was 3.5 percent. Core inflation down in 2024 Another way of measuring inflation is to strip out the volatility of energy and food prices and look at the underlying core inflation rate. As of December 2024, this was 3.2 percent, slightly higher than the overall CPI rate, but more aligned with the overall figure than it was in 2022 and 2023. When inflation peaked at 11.2 percent in October 2022, for example, core inflation stood at just 6.5 percent. After energy prices in 2023 fell relative to 2022, the overall inflation rate in the UK declined quite rapidly, with core inflation overtaking the overall rate in July 2023. During the most recent period of high inflation, core inflation peaked at 7.1 percent in May 2023, and while taking longer to fall than the overall figure, has generally been declining since then.