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.
Gross domestic product (GDP)
The total value of goods made and services provided within a country over a period of time.
Key term
What it means
GDP adds up the value of goods made and services provided in a country, usually over three months or a year. It is a measure of the economy as a whole. If the total rises, that may be because more was made, because prices went up, or both. GDP does not tell us who received the money.
Example
Imagine a country produces exactly the same goods and services as last year, but prices rise. GDP measured in pounds could go up even though the country has made no more than before.
Why it matters
GDP tells us something about the economy as a whole. It cannot, by itself, tell us whether most households are better off.
Also known as
GDP
Related terms
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Debt to GDP ratio
Public debt compared with the value of goods and services produced in a country over a year.
Read more -
Economic growth
An increase in the goods and services an economy produces over time, after allowing for changing prices.
Read more -
GDP per person
A country's GDP divided by the number of people living there.
Read more -
Gross value added (GVA)
The value a business or industry adds by making goods or providing services, after subtracting what it bought from other businesses to do so.
Read more -
Real GDP
A measure of a country's production that removes the effect of changing prices.
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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