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Did inflation cause the cost of living crisis?

Economy
United Kingdom
Started February 07, 2026

Inflation has fallen a long way from its peak - but many people still feel worse off, and price rises have remained stubbornly above the Bank of England’s 2% target. So what actually caused the big inflation spike, how close are we to “normal”, and what does that mean for households? Helen is joined by David Miles (OBR and former member of the Bank of England’s Monetary Policy Committee) and Peter Levell (IFS) to break down the basics: what inflation is, why central banks target 2% rather tha...

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CLAIM Posted by will • Feb 07, 2026
High inflation rates directly erode purchasing power, making the cost of living crisis a tangible reality for many households.
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CLAIM Posted by will • Feb 07, 2026
The Bank of England's target of 2% inflation is necessary to maintain economic stability, even if it doesn't fully address the cost of living concerns.
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CLAIM Posted by will • Feb 07, 2026
Rising inflation is a symptom of deeper economic issues, suggesting that focusing solely on inflation misses the broader context of financial inequality.
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CLAIM Posted by will • Feb 07, 2026
Blaming inflation alone oversimplifies the cost of living crisis; factors like wage stagnation and supply chain issues play significant roles too.
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CLAIM Posted by will • Feb 07, 2026
Recent inflation spikes are a direct result of global events, and households need time to adjust to the new economic landscape.
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