Inflation Calculator

Inflation is a measure of how much the prices of goods and services have increased over a fixed period of time, usually a year. The average increase in prices is known as the inflation rate.

The inflation rate is calculated by the Office of National Statistics (ONS). Each month, they collect around 180,000 prices of over 700 products and services regularly purchased by consumers. These prices are then compared with prices at the same time the previous year.

How to cope with rising inflation

As prices rise, you may find that your income doesn’t stretch to cover all your monthly expenses. This is another way that the personal inflation calculator can help. You will be able to see a breakdown of your regular spending and understand more about where your money is going. This can be really useful to help you create a monthly budget to help make ends meet.

Making a budget, and doing what you can to adjust your spending, may be enough to get through this period of high inflation. The Bank of England expects inflation to begin to fall in 2023, and to return to its target of 2% in around two years.

However, if you are in a position where you need more help or advice, Fair Finance has other ways to help. We are a registered charity and provide debt advice and financial capability services, to help people regain control of their money.

On our  money advice page you will find useful tools:

Adage Credit Benefits Calculator – this provides a free and impartial assessment of any benefits and grants to which you may be entitled.

At Adage Credit, we are here to help through this period of high inflation. So if you need help or advice, start by getting in touch with us and we will see what we can do.