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September 20, 2023UK CONSUMER PRICE INDEX, AUGUST 2023 
UK Consumer Price Index including owner-occupiers' housing costs (CPIH) increased 6.3% year-over-year in August 2023, down from a year-over-year pace of 6.4% in July 2023, and down from the recent peak in October 2022 (9.6%, the highest in 40 years). CPIH was the lowest in August 2023 since March 2022.
Owner occupiers' housing costs component accounts for 16% of the CPIH. It is the main driver for differences between the CPIH and CPI inflation rates. This makes CPIH the UK’s most comprehensive measure of inflation.
Year-over-year growth in the UK Consumer Price Index (CPI) was 6.7% in July 2023, down from 6.8% in July 2023, and down from the most recent peak in CPI that occurred in October 2022 (11.1%).
Declines in annual inflation rates in August were due to downward effects from restaurants and hotels, food and non-alcoholic beverages, recreation and culture, and furniture and household goods were partially offset by upward contributions from transport, and housing and household services.
Sources: United Kingdom Office for National Statistics Statistical bulletin
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
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