The Office for National Statistics (ONS) will soon release the next Consumer Price inflation figures.
In order to analyse the figures, the ONS keeps track of a wide variety of everyday items in a 'basket'. The changing prices of each item help to inform what is known as the Consumer Price Index.
The Consumer Price Index is used as the main measurement for inflation in the UK and therefore its changes have a large direct effect on the economy. Because the CPI helps track price changes on common goods, such as milk and bread, families can use it to help organise their finances to accommodate any increases, especially during a cost of living crisis where every penny counts.
