Fuel and travel costs are pushing prices up again
Thursday 5 November 2026
Inflation has risen to 3.1%, meaning everyday spending is getting more expensive just as household budgets are already under pressure.
Average
A number used to describe what is typical in a group. There is more than one way to work it out.
Key term
What it means
The mean adds all the numbers and divides by how many there are. The median is the middle number when they are put in order. The mode is the number that appears most often. People use “average” for all three, so it helps to ask which one they mean. A few unusually high numbers can push the mean up a lot.
Example
For incomes of £20,000, £25,000, £30,000, £35,000 and £390,000, the mean is £100,000, but the median is £30,000.
Why it matters
An “average salary” may sound typical even when most people earn much less than that figure.
Related terms
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Mean
An average found by adding all the numbers together and dividing by how many there are.
Read more -
Mean earnings
Total earnings for a group divided by the number of people or jobs counted.
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Median
The middle value when a set of numbers is put in order.
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Median earnings
The middle amount of pay when people's earnings are put in order.
Read more -
Mode
The value that appears most often in a set of numbers.
Read more
Keep in the loop
News
Highlights from about the UK economy, the UK government and the UK public sector.
Mortgage relief will have to wait a little longer
Wednesday 4 November 2026
Interest rates are staying at 3.75%, so households with mortgages and other borrowing may have to wait longer for costs to come down.
Energy bills are going up as winter approaches
Wednesday 4 November 2026
A higher energy price cap means many households will be paying more to heat and power their homes during the colder months.
Guides and insights
Analysis
Clear, accessible analysis of the economic issues shaping everyday life
Living standards
What does a day’s work buy?
Comparing the cost of everyday life across generations, from bread and beer to buying a home.
Food & prices
The journey behind your grocery bill
How farming, energy, transport and supermarket competition shape the price on the shelf.
Prices & inflation
Inflation is falling. What happens next?
What slower price rises mean for wages, purchasing power and economic recovery.
Shared prosperity
What would shared prosperity look like?
Beyond GDP: how we could measure economic success through security, opportunity and living standards.
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