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January 17, 2024UK CONSUMER PRICE INDEX, DECEMBER AND ANNUAL 2023 
UK Consumer Price Index including owner-occupiers' housing costs (CPIH) increased 4.2% year-over-year in December 2023, same pace as last month, and down from the recent peak in October 2022 (9.6%, the highest in 40 years).
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 4.0% in December 2023, higher compared to 3.9% in November 2023, and down from the most recent peak in CPI that occurred in October 2022 (11.1%).
The largest downward contribution came form food and non-alcoholic beverages and the largest upward contribution came from alcohol and tobacco.
ANNUAL
In 2023, average annual UK inflation including owner-occupied housing (UK-CPIH) was 6.8% while inflation excluding owner-occupied housing costs (UK-CPI) averaged 7.3%. This is a decline from last year's peakof 8.0% and 9.1% respectively.
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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