UK inflation rises above 10%

CPI annual rate, all items 2015=100

1 July 2022 10.1%

10%

8

6

6

4

1

2

3

2

5

4

0

-2

1990

2000

2010

2020

1. Black Wednesday

UK government forced to take sterling out of European exchange rate mechanism

2. Interest rates

Gordon Brown hands control of setting rates to Bank of England

3. 2008 financial crisis

4. Brexit vote

Result prompts sharp fall in sterling, leading to rise in inflation as imports become more expensive

5. Covid-19

Pandemic begins

6. Ukraine

War accelerates a rise that began as global economies emerged from Covid-19 downturn

CPI annual rate, all items 2015=100

1 July 2022 10.1%

10%

8

Ukraine

War accelerates a rise that began as global economies emerged from Covid-19 downturn

Black Wednesday UK government forced to take sterling out of European exchange rate mechanism

Brexit vote

Result prompts sharp fall in sterling, leading to rise in inflation as imports become more expensive

6

4

2

0

Interest rates

Gordon Brown hands control of setting rates to Bank of England

2008

financial crisis

Covid-19

Pandemic begins

-2

1985

1990

1995

2000

2005

2010

2015

2020