Direct Answer
United Kingdom economic indicators come mainly from the Office for National Statistics, which publishes CPI inflation, GDP and labour market data monthly, and the Bank of England, whose Monetary Policy Committee sets Bank Rate eight times a year. CPI is the measure behind the 2% inflation target, so CPI, GDP and earnings releases are the ones most closely tied to Bank Rate decisions.
United Kingdom Economic Indicators: Investor Reference
This hub covers the major economic indicators released for this country. Each linked indicator page explains what the measure tracks, how it is calculated, when it is released, and how investors interpret changes in the data.
See the international indicators hub for other countries, or the full economic indicators hub for all 15 categories.
Who publishes United Kingdom's economic data?
The Office for National Statistics (ONS) publishes consumer price inflation (CPI, CPIH and core CPI), monthly GDP together with the first quarterly GDP estimate, industrial production, the labour market bulletins (Labour Force Survey unemployment, claimant count, average weekly earnings), retail sales and UK trade, almost all on a monthly cycle. The Bank of England publishes Bank Rate decisions and the monthly Money and Credit release, whose broad money measure is M4ex. The ONS release calendar gives a time of day for each release.
United Kingdom indicators at a glance
| Indicator | What it measures | Published by | Frequency |
|---|---|---|---|
| Bank of England Bank Rate | the Bank of England's official policy interest rate | Bank of England | Irregular |
| UK Core CPI | underlying consumer price inflation in the United Kingdom excluding energy, food, alcohol and tobacco | Office for National Statistics | Monthly |
| UK CPI | consumer price inflation in the United Kingdom | Office for National Statistics | Monthly |
| UK GDP | inflation-adjusted output of the UK economy | Office for National Statistics | Monthly |
| UK Industrial Production | real output of UK production industries | Office for National Statistics | Monthly |
| UK M4 | broad money held by the UK private sector | Bank of England | Monthly |
| UK Retail Sales | the volume of retail sales in the United Kingdom | Office for National Statistics | Monthly |
| UK Trade Balance | the balance between UK exports and imports of goods and services | Office for National Statistics | Monthly |
| UK Unemployment | the share of the UK labor force that is unemployed | Office for National Statistics | Monthly |
| UK Wage Growth | annual growth in average weekly earnings in the United Kingdom | Office for National Statistics | Monthly |
Each row comes from the same source file as the indicator page it links, so the publisher and frequency here match that page.
How does United Kingdom's central bank set policy?
The Bank of England sets monetary policy through its Monetary Policy Committee (MPC), which has nine members. The Government sets the target at 2% CPI inflation, and the MPC decides Bank Rate, the rate the Bank pays on money commercial banks hold with it, to meet that target over the medium term. The MPC announces policy eight times a year, usually at 12 noon on a Thursday together with the minutes, and four of those dates also carry a quarterly Monetary Policy Report. If CPI inflation is above 3% or below 1%, the Governor writes to the Chancellor explaining why.
What is different about United Kingdom's data?
- CPI is the measure used for the operational inflation target. CPIH adds owner occupiers' housing costs and Council Tax, and core CPI excludes energy, food, alcohol and tobacco. The RPI is not an accredited official statistic, so check which index a headline or a contract refers to.
- The ONS publishes monthly GDP and the first quarterly estimate on the same day and calls quarterly GDP the lead measure because of its higher data content. Early estimates are subject to revision, and larger revisions arrive in separate publications such as the Blue Book, so a first print is provisional.
- Labour Force Survey estimates are volatile and the ONS labels them official statistics in development while it prioritises a replacement survey. It advises reading them alongside the claimant count and PAYE RTI data. Several labour series, including average weekly earnings, are rolling three-month figures.
- Average weekly earnings and retail sales cover Great Britain, not the whole United Kingdom. Earnings are reported as total pay (with bonuses) and regular pay (without) from a sample survey of businesses, and the retail sales headline is volume, seasonally adjusted, with prior months routinely revised.
- UK trade headline figures cover goods and services and exclude precious metals, including non-monetary gold, unless a section says otherwise, while the national accounts headline includes non-monetary gold. Monthly services estimates are derived from quarterly data.
Which United Kingdom releases should you read first?
Start with the Bank of England decision and Monetary Policy Summary for the stated stance, then the ONS CPI bulletin for the measure the 2% target is set on, then the labour market bulletin and monthly GDP for the growth and earnings context the MPC considers. Retail sales, trade and M4ex are supporting detail; treat first estimates as provisional.
Frequently Asked Questions
Who publishes UK inflation and GDP data?
The Office for National Statistics publishes UK consumer price inflation (CPI, CPIH and core CPI) and GDP. A monthly GDP estimate is released on the same day as the first quarterly estimate, which the ONS calls the lead measure of GDP.
What inflation target does the Bank of England use?
The Government sets a 2% target for CPI inflation, measured by the ONS. If CPI inflation is above 3% or below 1%, the Governor writes to the Chancellor explaining why and what will be done to return inflation to 2%.
How often does the Monetary Policy Committee announce Bank Rate?
Eight times a year, roughly every six weeks, usually at 12 noon on a Thursday together with the meeting minutes. Four of the announcement dates also carry a quarterly Monetary Policy Report.