$GBIRYY - CPI (YoY)
Updated
GBIRYY 2.3% (April/2024) source: Office for National Statistics
The annual inflation rate in the UK eased to 2.3% in April 2024,
the lowest since July 2021, compared to 3.2% in March and market forecasts of 2.1%.
The largest downward pressure came from falling gas (-37.5% vs -26.5% in March) and electricity (-21% vs -13%) cost, due to the lowering of the Office of Gas and Electricity Markets (Ofgem) energy price cap in April.
At the same time, prices slowed for food (2.9%, the lowest since November 2021 vs 4%) and recreation and culture (4.4% vs 5.3%).
On the other hand, the largest, partially offsetting, upward contribution came from cost of motor fuels.
The average price of petrol rose by 3.3 pence per litre between March and April 2024 to stand at 148.1 pence per litre, up from 145.8 pence per litre in April 2023. Prices also rose faster for restaurants and hotels (6% vs 5.8%) and miscellaneous goods and services (3.6% vs 3.4%).
Compared to the previous month, the CPI rose 0.3%.
Note
GBIRYY 2% (May/2024)source : Office for National Statistics
-The annual inflation rate in the UK slowed to 2% in May 2024, the lowest since July 2021, from 2.3% in April and in line with forecasts. The inflation returned to the Bank of England's 2% target, led by a slowdown in cost of food (1.7% vs 2.9%, the lowest since October 2021).
Note
GBIRYY (June/2024) 2%source: Office for National Statistics
Annual inflation rate in the UK was steady at 2% in June 2024, the same as in May and holding at 2021-lows, although forecasts were pointing to 1.9%.
The largest upward contribution came from cost of restaurants and hotels (6.2% vs 5.8%), mainly price of hotels.
Transport prices also increased at a faster pace (0.9% vs 0.5%), mostly second hand cars, maintenance and repairs of personal transport equipment and air fares.
The average price of petrol fell by 3.0 pence per litre between May and June 2024 to 145.8 pence per litre, up from 143.0 pence per litre in June 2023. On the other hand, the largest downward contribution came from clothing and footwear (1.6% vs 3%), mostly garments.
Inflation also eased for food and non-alcoholic beverages (1.5%, the lowest since October 2021 vs 1.7%), particularly bread and cereals, meat, and fruit.
Prices for housing and utilities (-4.7% vs -4.8%) continued to fall while inflation was steady for services (5.7%) and recreation and culture (3.9%).
Note
GBIRYY (July/2024)
source: Office for National Statistics
The annual inflation rate in the UK edged up to 2.2% in July 2024 from 2% in June, but below forecasts of 2.3%.
Prices rose faster for housing and household services (3.7% vs 2.3%), as prices of gas (-22.8% vs -37.5%) and electricity (-19.5% vs -21%) fell less than in the previous month. Prices also rose more for clothing and footwear (2.1% vs 1.6%), communication (4.5% vs 2.9%) and miscellaneous goods and services (3.5% vs 2.9%).
On the other hand, inflation steadied for food and non-alcoholic beverages (1.5%) and education (4.5%).
In addition, inflation slowed for services (5.2%, the lowest since June 2022 and below BoE's forecast of 5.6%); restaurants and hotels (4.9% vs 6.2%), mostly hotels; recreation and culture (3.7% vs 3.9%); and transport (0.2% vs 0.9%), mainly maintenance and repairs (5.7% vs 8%), passenger transport by air (-10.4% vs -0.9%), and motor fuels.
Core inflation rate eased to 3.3% from 3.5%, below expectations of 3.4%. Compared to June, the CPI edged 0.2% lower.
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