CPI Goods Annual Inflation Rate Turns Negative In April 2024
22nd May 2024
the annual inflation rates for the CPI all goods and all services series, together with CPI excluding energy, food, alcohol and tobacco (often referred to as core CPI). The headline CPI inflation rate is added for comparison.
Core CPI rose by 3.9% in the year to April 2024, down from 4.2% in the year to March 2024 and below its recent high of 7.1% in May 2023, which was the highest recorded since 7.2% in March 1992 in the constructed historical series. The CPI all goods index fell by 0.8% in the year to April 2024, compared with a rise of 0.8% in the year to March 2024. This is the first negative rate since February 2021. The CPI all services index rose by 5.9% in the year to April 2024, marginally down from 6.0% in the year to March 2024 and down from 7.4% in July 2023, which was the joint highest rate (with May 2023) since March 1992.
As with the all-items annual inflation rates, the drivers of CPIH and CPI goods and services inflation are the same (with the exception of owner occupiers' housing costs and Council Tax, which are excluded from CPI).
Read the full ONS report HERE