UK Inflation steady at 2.2% in August ’24

The UK Consumer Prices Index (CPI) held steady at 2.2 per cent in the 12 months to August 2024, unchanged from July. On a monthly basis, CPI rose by 0.3 per cent, mirroring the rate seen in August 2023.

The Consumer Prices Index, including owner occupiers’ housing costs (CPIH), also remained unchanged at 3.1 per cent year-on-year, with a monthly increase of 0.4 per cent.

Airfares provided the largest upward pressure on inflation, while motor fuels, restaurants, and hotels had a dampening effect.

Core inflation, excluding energy, food, alcohol, and tobacco, rose by 3.6 per cent, up from 3.3 per cent in July, while Core CPIH increased to 4.3 per cent.