$GBIRYY -U.K CPI (September/2024)
GBIRYY 1.7%source: Office for National Statistics
-Annual inflation rate in the UK fell to 1.7% in September 2024, the lowest since April 2021, compared to 2.2% in each of the previous two months and forecasts of 1.9%.
The largest downward contribution came from transport (-2.2% vs 1.3%), namely air fares and motor fuels.
Fares usually reduce in price between August and September, but this year this was the fifth largest fall since monthly data began in 2001.
Also, the average price of petrol fell to 136.8 pence per litre compared to 153.6 pence per litre in September 2023.
In addition, prices continued to fall for housing and utilities (-1.7% vs -1.6%) and furniture and household equipment (-1% vs -1.3%) and cost rose less for recreation and culture (3.8% vs 4%) and restaurants and hotels (4.1% vs 4.3%).
Meanwhile, services inflation slowed to 4.9%, the lowest since May 2022, from 5.6% in August. On the other hand, the largest offsetting upward contribution came from food and non-alcoholic beverages (1.9% vs 1.3%).
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