Consumer Price Inflation UK - July 2024 - 2.2%

14th August 2024

The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 3.1% in the 12 months to July 2024, up from 2.8% in June 2024.
On a monthly basis, the level of CPIH was little changed in July 2024, compared with a fall of 0.3% in July 2023.
The Consumer Prices Index (CPI) rose by 2.2% in the 12 months to July 2024, up from 2.0% in June 2024.

On a monthly basis, CPI fell by 0.2% in July 2024, compared with a fall of 0.4% in July 2023.

The largest upward contribution to the monthly change in both CPIH and CPI annual rates came from housing and household services where prices of gas and electricity fell by less than they did last year; the largest downward contribution came from restaurants and hotels, where prices of hotels fell this year having risen last year.

Core CPIH (excluding energy, food, alcohol, and tobacco) rose by 4.1% in the 12 months to July 2024, down from 4.2% in June; the CPIH goods annual rate rose from negative 1.4% to negative 0.5%, while the CPIH services annual rate fell from 6.0% to 5.7%.
Core CPI (excluding energy, food, alcohol and tobacco) rose by 3.3% in the 12 months to July 2024, down from 3.5% in June; the CPI goods annual rate rose from negative 1.4% to negative 0.6%, while the CPI services annual rate fell from 5.7% to 5.2%.

Read the full ONS report HERE