What is the UK inflation target?

The target is 2% CPI inflation, set each year by the Chancellor in a remit letter to the Bank of England's Monetary Policy Committee. The Bank sets Bank Rate to meet it.

If CPI is more than one percentage point above or below the target, the Governor must write an open letter to the Chancellor explaining why and what the Bank will do. These letters are published and are a direct official account of why inflation missed its target.

Official sources: Bank of England: inflation and the 2% target, with the Governor's letters

The latest figure

The newest value is at Office for National Statistics (ONS). More on it: UK inflation rate (CPI).

When is the next figure out?

Monthly, usually a Wednesday in the middle of the month, 7am; next release 21 October 2026

Every official release due in the next two weeks is on the release calendar.

Terms used in this answer

• CPI (Consumer Prices Index)
  The UK's main measure of consumer price inflation for the Bank of England's 2% target. It tracks the prices of a basket of goods and services bought by households.
• Monetary Policy Committee (MPC)
  The nine-member Bank of England committee that sets Bank Rate and decides on gilt purchases and sales to meet the government's inflation target.
• CPIH
  The Consumer Prices Index including owner occupiers' housing costs. The ONS's lead measure of consumer price inflation, it adds housing costs and council tax to CPI.
• RPI (Retail Prices Index)
  An older UK price index still used in some contracts, index-linked gilts and student loans. It is not an accredited official statistic and usually runs above CPI.
• Core inflation
  Inflation measured without the most volatile items, usually energy, food, alcohol and tobacco, to show underlying price pressure.
• Headline figure
  The main summary number that a statistical release leads with, such as annual CPI inflation or quarterly GDP growth. Other measures in the same release can tell a different story.

Where the figures come from

• Bank of England Statistical Interactive Database
  Use the Bank of England database to check Bank Rate history, mortgage and savings rates, mortgage approvals and M4, with series codes and CSV links.

Related questions

• What is the Bank of England base rate today?
• Is UK inflation going down?
• What is the difference between CPI, CPIH and RPI?

This answer says where the official figures are published and how they are defined. It gives no verdict on any claim. To report an error, send a correction request. More questions about inflation and prices: all Inflation and prices questions.