2.3%
Current inflation rate
Target 2.0%
Inflation rate
The inflation rate is the amount by which consumer prices have risen since a year ago expressed as a percentage. It does not include the prices of everything people buy. For example, it leaves out house prices.
The Bank of England has an arbitrary 2% inflation target mandated by government, although the bank has kept interest rates at close to zero despite inflation regularly exceeding this target since the 2008 financial crisis.