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United Kingdom Inflation Rate

Last Release
Jan 31, 2024
Actual
4
Units In
%
Previous
4
Frequency
Monthly
Next Release
Mar 20, 2024
Time to Release
1 Months 2 Days 23 Hours
Highest
Lowest
Average
Date Range
Source
11.1
Oct 2022
-0.1
Apr 2015
2.83 %1989-2024Office 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

The United Kingdom's inflation rate was unchanged at 4.0% in January 2024, holding close to November's two-year low and falling below the market expectation of 4.2%. However, it remained double the Bank of England's target of 2.0%. There was a slowdown in the pace of price declines for both housing and utilities (-2.1% vs -3.4% in December), mainly due to gas and electricity charges, and transport (-0.3% vs -1.1%). On the other hand, inflation slowed sharply for both furniture and household goods (0.4% vs 2.5%) and food and non-alcoholic beverages (6.9% vs 8.0%). The sole category experiencing an acceleration in inflation was miscellaneous goods and services (4.5% vs 4.3%). Meanwhile, the annual core inflation rate, which excludes volatile items such as energy and food, held steady at 5.1%, slightly below the market consensus of 5.2%.

United Kingdom Inflation Rate History

Last 12 readings

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