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August 18, 2021UK CONSUMER PRICE INDEX, JULY 2021 
The UK Office for National Statistics (ONS) reported that for July 2021, the UK Consumer Price Index including owner-occupiers' housing costs (CPIH) rose by 2.1% compared to July 2020, down from the 2.4% year-over-year increase recorded last month. The decline in the annual inflation rate came from base effects, specifically from items that become available again in July 2020, which had an upward effect on the index between June and July 2020.
The main contributor to the change in the 12-month inflation rate was the higher transport costs. Lower prices for clothing and footwear and a variety of recreational goods and services had the largest downward contributions to the inflation rate. Year-over-year growth in the Consumer Price Index excluding owner occupiers' housing costs (CPI) was 2.0%.
The UK inflation rate has declined in recent years, from a period in 2017 when it was over 2.5% to around 1.5% at the end of 2019. In 2020, inflation in the UK fell further, but to a lesser extent than the decline for inflation in Canada. In recent months inflation in the UK has been lower than inflation in Canada.
Sources: United Kingdom Office for National Statistics Statistical bulletin, Annual growth - CPI, Annual growth - CPIH
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
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