2024 Cost Of Living Increase Rate Uk. The cost of living increased sharply across the uk during 2021 and 2022. The uk economy faces inflation, interest rate hikes, stagnant growth, and rising unemployment in 2024, a likely election year.

For an nlw worker working 37.5 hours per week, the increases announced today will increase their annual pay by £1,994.36 and their monthly pay. In the 12 months to june 2024, the figure was 2.0%.