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United Kingdom Inflation Rate
Last Release
Oct 31, 2024
Actual
2.3
Units In
%
Previous
1.7
Frequency
Monthly
Next Release
Dec 18, 2024
Time to Release
26 Days 8 Hours
Highest | Lowest | Average | Date Range | Source |
11.1 Oct 2022 | -0.1 Apr 2015 | 2.82 % | 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
Annual inflation rate in the UK went up to 2.3% in October 2024, the highest in six months, compared to 1.7% in September. This exceeded both the Bank of England's target and market expectations of 2.2%. The largest upward contribution came from housing and household services (5.5% vs 3.8% in September), mainly electricity (-6.3% vs -19.5%) and gas (-7.3% vs -22.8%), reflecting the rise of the Office of Gas and Electricity Markets (Ofgem) energy price cap in October 2024. Also, prices rose faster for restaurants and hotels (4.3% vs 4.1%) and rebounded for housing and utilities (2.9% vs -1.7%). Prices of services increased slightly more (5% vs 4.9%), matching estimates form the central bank. On the other hand, food inflation was steady at 1.9% and the largest offsetting downward contribution came from recreation and culture (3% vs 3.8%). Compared to the previous month, the CPI increased 0.6%. Finally, annual core inflation edged up to 3.3% from 3.2%.
United Kingdom Inflation Rate History
Last 12 readings