John Wraith, head of interest rate policy at UBS UK, said: "The impact of the referendum was, first and foremost, only a sharp fall in the pound." Due to strong consumer spending, the UK economy initially performed better than most people were worried about many. The fall in sterling boosted the profits of tourism and exporters. But by early 2017, the drop in sterling led to higher store prices. Although the global commodity market pushed up the inflation rate, the price of British goods rose more than that of other major economies. In the year to September 2017, prices in the United Kingdom rose 3%, while gains in the euro area, the United States and Japan were 1.5%, 2.2% and 0.7% respectively. Swati Dhingra of the Center for Economic Performance at London School of Economics said "inflation data provide the most useful information."

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