Press releases

Deloitte chief economist comments on today's inflation figures

15 December 2021

Commenting on the latest inflation figures, published by the ONS today, Ian Stewart, chief economist at Deloitte, said:

“Goods inflation is running at the highest level in 30 years, fuelled by pandemic-related dislocations between supply and demand. But price rises for services are at much lower rates, pointing to more muted domestically-generated inflation.

“Just as happened during the UK’s last inflationary surge, in 2011, earnings lag behind inflation. Today’s bout of inflation is more likely to play out as another squeeze on incomes than a runaway wage-price spiral.”


About Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

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