UK inflation up 2.2% in year to July ’24

The UK’s Consumer Prices Index (CPI) rose by 2.2 per cent in the 12 months to July 2024, up from 2.0 per cent in June, according to data released on Wednesday. On a monthly basis, CPI fell by 0.2 per cent in July 2024, compared to a 0.4 per cent drop in July 2023.

The Consumer Price Index, including owner occupiers’ housing costs (CPIH), increased by 3.1 per cent annually in July 2024, up from 2.8 per cent in June.

The largest upward pressure came from housing and household services, where gas and electricity prices fell less than last year. The restaurant and hotel sectors provided the largest downward pressure, with hotel prices declining this year.

Core CPIH, excluding energy, food, alcohol, and tobacco, rose by 4.1 per cent in July, down from 4.2 per cent in June. The CPIH goods annual rate improved from negative 1.4 per cent to negative 0.5 per cent, while the services rate dropped from 6.0 per cent to 5.7 per cent.

Core CPI rose by 3.3 per cent, down from 3.5 per cent in June, with the CPI goods annual rate increasing from negative 1.4 per cent to negative 0.6 per cent and the services rate falling from 5.7 per cent to 5.2 per cent.

Attribution: The Office for National Statistics (ONS)

Subediting: M. S. Salama