2022 was the year in which energy prices soared, and as we came into the new year, there were fears of energy shortages or even the lights going out due to blackouts. As we move further into 2023, energy prices are still very much on our minds, but people will be hoping the lights will go back on at Stormont to help deal with challenges that households, businesses, the public sector and society as a whole face this year.
Shoppers will increasingly have noticed that the price of their groceries and the cost of filling up at the forecourt have been on the rise. Last month UK consumer price inflation, using the CPI measure, rose by 3% y/y. This represents the fastest rate of increase since April 2012. Inflationary pressures are more marked within consumer goods (+3.2% y/y) rather than services (+2.7% y/y). Meanwhile the most comprehensive measure of inflation, the CPIH index which includes owner occupiers’ housing costs along with Council Tax (or rates in NI), nudged higher to 2.8% y/y in September. Continue reading
