The Consumer Price Index (CPI) maintained a steady rise of 2.2% in August 2024, unchanged from the previous month.
- The Consumer Prices Index, including owner occupiers’ housing costs (CPIH), experienced a 3.1% increase over the same period, mirroring July’s figures.
- Clothing and footwear prices saw a deceleration, increasing by 1.6% in August compared to a 2% rise in July.
- Air fares contributed substantially to the monthly change in the CPI and CPIH, contrasting with last year’s trends.
- The data was released by the ONS this morning, reflecting the broader economic landscape.
The latest data from the Office for National Statistics (ONS) indicates that the Consumer Price Index (CPI) observed a consistent increase of 2.2% in the 12-month period leading to August 2024. This stability indicates that inflationary pressures remained constant, aligning with the figures from July.
Similarly, the Consumer Prices Index, including owner occupiers’ housing costs (CPIH), registered a 3.1% growth over the same time frame. The stability in CPIH suggests that housing and other related costs have not significantly shifted from the previous month, providing a steady economic outlook.
There was a notable slowdown in the rise of clothing and footwear prices, which increased by 1.6% in August, compared to a 2% increase recorded in July. This deceleration may imply a softening in consumer demand or adjustments within the retail sector.
Air fares have emerged as a significant contributor to the overall change in CPI and CPIH indices. Unlike the previous year’s decline, the increase in air transportation costs this August had a noteworthy impact on the inflation measures.
The publication of this data by the ONS offers insights into the UK economy’s current inflation status, influencing fiscal and monetary policy considerations.
The steadiness in inflation rates reflects a continued balance in consumer prices and economic conditions.
