FIT rate increase in 2023

Krakkkers

What inflation figure is used for the increase? When will we find out?

gefnew

December RPI figure is used for FIT calculations.

Krakkkers

So we will find out in January?

gefnew

No just use December's figures and your FIT rate and do the calcs. EG 10% on 50p fit would be 55p.

Merlin139

December RPI will be announced 07:00 18th Jan 2023 

Krakkkers

Yes, thats what i meant.

gefnew

You can look here on the 19th of December for the rate, august rate 14.8%
RPI: Percentage change over 12 months - All Services - Office for National Statistics (ons.gov.uk)

Chris_Type_R

gefnew said:

You can look here on the 19th of December for the rate, august rate 14.8%
RPI: Percentage change over 12 months - All Services - Office for National Statistics (ons.gov.uk)

I think it's based on RPI All Items - not RPI All Services - https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/czbh/mm23 

Dec 2021 was 7.5% 

zeupater

Krakkkers said:

So we will find out in January?

Hi

Ofgem publish the official rates at the end of January (or very early Feb) each year ... 2021 was on 28/01 and 2022 was 31/01 ... new rates become effective from 1st April each year ..

HTH - Z

QrizB

This is a more useful version of the RPI table, it gives the index values (not the annual % change):

https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/chaw/mm23

The value of the Index in December 2021 was 317.7. The value in September 2022 347.6. That's an increase of 9.4% so far for the year, with three months yet to go.

jimjames

gefnew said:

You can look here on the 19th of December for the rate, august rate 14.8%
RPI: Percentage change over 12 months - All Services - Office for National Statistics (ons.gov.uk)

Value on 19th December will not be the correct rate as that is the November RPI. As above it will be announced in January.