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Motor Fuels Inflation Rate Continues To Rise

17th August 2022

Photograph of Motor Fuels Inflation Rate Continues To Rise

The report by the Office for National Statistics published today (17August 2022) shows record increases in prices.

Within transport, there were upward contributions to the CPIH annual inflation rate from motor fuels and from transport services, where air fares and international rail tickets, in particular, rose in price between June and July 2022.

Fuel prices increased by 2.9% between June and July 2022, and by 43.7% in the year to July 2022. This is the highest rate since before the start of the constructed historical series in January 1989. Following June's record increase to petrol prices, weekly forecourt prices had started to fall during July. However, the gradual reduction still left July's average prices for petrol and diesel both 5.5 pence per litre higher than in June. Average petrol and diesel prices stood at 189.5 and 197.9 pence per litre, respectively, in July 2022, compared with 132.6 and 135.5 pence per litre a year earlier.

Elsewhere in the transport division, there was a large partially offsetting downward contribution from second-hand cars. Second-hand car prices rose by 8.6% in the year to July 2022, down from 15.2% in June. There was a small downward contribution from the repair and maintenance of vehicles, where prices rose between June and July 2022 but by less than a year ago.

Note
This is an extract from the report published on 17 august 2022. To read the full report on inflation go to https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/july2022