United Kingdom Inflation Rate

Last Release

Jun 30, 2024

Actual

Units In

Frequency

Monthly

Next Release

Aug 14, 2024

Time to Release

26 Days 15 Hours

Highest	Lowest	Average	Date Range	Source
11.1 Oct 2022	-0.1 Apr 2015	2.83 %	1989-2024	Office for National Statistics

In the United Kingdom, the most important categories in the consumer price index are Transport (16 percent of the total weight) and Recreation and Culture (15 percent). Housing, Water, Electricity, Gas and Other Fuels accounts for 13 percent; Restaurants and Hotels for 12 percent and Food and Non-alcoholic Beverages for 10 percent. The index also includes: Miscellaneous Goods and Services (9 percent); Clothing and Footwear (7 percent); Furniture, Household Equipment and Maintenance (6 percent). Alcoholic Beverages and Tobacco; Health, Communication and Education account for remaining 11 percent of total weight.

Latest Updates

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%).