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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

March 20, 2024

UK Consumer Price Index including owner-occupiers' housing costs (CPIH) increased 3.8% year-over-year in February 2024 as inflation continues to slow. This is 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 3.4% in February 2024, slower than the 4.0% inflation reported in January and down from the most recent peak in CPI that occurred in October 2022 (11.1%). 

The largest downward contribution came from food and non-alcoholic beverages, and restaurants and cafes, while the largest upward contributions came from housing and household services and motor fuels.

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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