United Kingdom Inflation Rate

Last Release

Mar 31, 2024

Actual

3.2

Units In

3.4

Frequency

Monthly

Next Release

May 22, 2024

Time to Release

1 Months 3 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
11.1 Oct 2022	-0.1 Apr 2015	2.83 %	1989-2024	Office for National Statistics

In the United Kingdom, the most important categories in the consumer price index are Transport (16 percent of the total weight) and Recreation and Culture (15 percent). Housing, Water, Electricity, Gas and Other Fuels accounts for 13 percent; Restaurants and Hotels for 12 percent and Food and Non-alcoholic Beverages for 10 percent. The index also includes: Miscellaneous Goods and Services (9 percent); Clothing and Footwear (7 percent); Furniture, Household Equipment and Maintenance (6 percent). Alcoholic Beverages and Tobacco; Health, Communication and Education account for remaining 11 percent of total weight.

Latest Updates

The United Kingdom's inflation rate fell to 3.2% year-on-year in March 2024 from 3.4% in the previous month but remained slightly above the market expectation of 3.1%. It was the lowest rate since September 2021, primarily driven by a slowdown in food inflation (4.0% vs 5.0% in February). Additionally, prices rose at a slower pace for restaurants and hotels (5.8% vs 6.0%), recreation and culture (5.3% vs 5.4%), while the cost of housing continued to decline (-1.6% vs -1.7%). Transport prices, on the other hand, rebounded by 0.1% after four consecutive months of decrease, partly due to a softer decline in the cost of motor fuels. The annual core inflation rate, which excludes volatile items such as energy and food, dropped to 4.2%, the lowest rate since December 2021 and also slightly beat the market consensus of 4.1%. On a monthly basis, consumer prices rose by 0.6% in March, the same pace as in February.