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UK inflation hits highest level since October 1981, but could have been much worse

In some context, the Ofgem price cap was replaced by the Government’s Energy Price Guarantee (EPG) from October and although this has seen energy prices increase, the rate of increase has been limited so that a typical household in the UK would face, on average, an energy bill of around £2,500 per year.

But according to the ONS, without the implementation of the EPG, electricity and gas prices would have increased by 75% (instead of the 25% recorded) and this would have resulted in an annual headline inflation of 13 .8% (!) instead. Yeah. Anyone got Bailey’s office phone number?

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