2023 Inflation Report

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    2023 Inflation Report

    From business electricity suppliers to consumers, it is more important than ever to be cautious when spending money. Even though it may feel like the cost of living is showing no signs of slowing down, the UK saw a drop of 8.7% in the consumer price inflation rate earlier this year – a 13-month low.

    Bearing this in mind, we wanted to find out which products and services are rising the most in price and reveal which countries are responsible for the highest inflation rates as of 2023. Here’s what we found.

    2023 Inflation Report

    The cost of food and non-alcoholic beverages have seen a 17.37% rise over the last year - higher than any other service

    To kickstart our 2023 Inflation Report, we have put together a list of the products and services which have seen the biggest increase in their consumer price index since 2022.

    Products and services with the biggest change in inflation between 2022-2023

    1. Food and non-alcoholic beverages – 17.37% rise
    Food and non-alcoholic beverages have seen a 17.37% increase in the consumer price index when comparing June 2022 to the same month of this year. Considering that food and drink are an essential part of our day-to-day living, it is all the more discouraging to see this at the top of our list.

    2. Restaurants and hotels – 9.52% rise
    Next on our list are restaurants and hotels, and the consumer price index of this service has risen by 9.52% since last year. As a result of this inflation, consumers have to be more wary when eating out due to the increased cost of these services.

    3. Communication – 9.29% rise
    Completing our top three list of the products and services with the biggest rise in inflation is communication. From a consumer price index of 120.6 in June 2022, this score has increased to 131.8 as of June 2023, a 9.29% rise in communication items.

    The inflation rate of transport services is the lowest of any product/service, dropping by 1.68% since 2022

    From one end of the scale to another, the following ranking on our report reveals the products/ services which have seen the lowest levels of inflation between June 2022 - June 2023.

    Products and services with the lowest change in inflation between 2022-2023

    1. Transport – 1.68% drop
    At the top of our ranking, and the only product/service which has seen a drop in its consumer price index, is transport. With a 1.68% decrease in inflation, your commute to and from work will set you back less money than it did this time last year.

    2. Education – 3.19% rise
    Despite a 3.19% rise in the consumer price index of education services, this is the second-lowest inflation rate of all products/services on our list. This inflation rate impacts everything from the budget for educational services to the salaries of those employed in the sector.

    3. Miscellaneous goods and services – 6.48% rise
    As the name suggests, miscellaneous goods and services encompass a range of products, including textiles and furniture, among others. The 6.48% inflation rate results from the consumer price index of this product/service increasing from 109.5 in June 2022 to 116.6 in June of this year.

    Turkey is revealed as having the highest inflation rate, totalling 38.21% as of 2023

    Just as different countries have different currencies, there are also considerable variations in the inflation rate worldwide. Below is a list of countries with the biggest inflation rates as of 2023.

    The countries with the biggest inflation rate

    1. Turkey – 38.21% rise
    The inflation rate in Turkey has seen a 38.21% rise as of June 2023, which is higher than any other country on our list. With Turkey’s high inflation rate, this country has seen increases in everything from food to housing and transport, impacting tourists and residents alike.

    2. Hungary – 20.10% rise
    Next up on our list, with a 20.10% rise in inflation, is the European country of Hungary. The inflation rate here is expected to drop in the next few years, but for now, Hungary has the second-highest inflation rate of any country on our list.

    3. Poland – 11.50% rise
    Completing our top three list of countries with the biggest inflation rate is Poland. Anyone who owns their own company will understand how important it is to compare business energy deals, and this is no exception for the residents of Poland as energy prices continue to soar. This is one of the main reasons for this country’s 11.50% inflation rate.

    Switzerland’s inflation rate stands at 1.7% - lower than any other country

    A high inflation rate is generally considered undesirable, and because of this, we wanted to find out which countries currently possess the lowest levels of inflation. Here’s what we found.

    The countries with the lowest inflation rate

    1. Switzerland – 1.70% rise
    The Swiss have been praised as having one of the most advanced economies in the world, boasting impressive industrial and agricultural sectors. As a result of Switzerland’s forward-thinking, this country’s inflation rate stands at 1.7%, which is lower than any other country on our list.

    2. Greece – 1.80% rise
    Greece takes second place on our list of countries with the lowest inflation rates. Greece’s booming tourism sector is responsible for much of its annual income, likely contributing to its low inflation rate of just 1.8%.

    3. Spain – 1.90% rise
    Completing our top three, and with an inflation rate of 1.9%, is Spain. As the third European country to feature in this ranking, it appears that this continent is clued up when it comes to the economy. An expected increase in oil prices may see Spain’s inflation rate increase in the future, but for now, it is the third lowest of all the countries on this list.

    Methodology

    We used the Office for National Statistics to find the average CPIH (overall index) for each product/ service type in the UK between June 2022 and June 2023.

    We subtracted the June 2023 CPIH score from the June 2022 score before dividing this by the June 2022 score to calculate each product’s yearly inflation increase.

    We used Trading Economics to find the inflation rate of every OECD country as of 2023.

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