Three years of pain: how inflation drove the UK cost of living crisis

With food prices outpacing wage increases, people are consuming less food, says the Resolution Foundation. Photograph: Matthew Horwood/Getty Images

After three long years of feeling the pinch, UK consumers finally look likely to get some relief from surging prices on Wednesday, when the Office for National Statistics releases its inflation figures for April. The data is widely expected to show that prices are rising at the lowest rate since summer 2021.

Inflation of about 2% is significant for economists, marking a long-awaited snap back towards the Bank of England’s target. It still means prices are rising for the consumer, but not as steeply as they have been. The last few years of inflation have been the sharpest within at least 40 years, jumping the equivalent of 11 years of normal 2% inflation within just three years, a total rise of 22%. At the same time, real wages are down by 2.3% since early 2021, making it harder for most people to afford their energy bills and the weekly shop.