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September 18, 2024UK CONSUMER PRICE INDEX, AUGUST 2024
UK Consumer Price Index including owner-occupiers' housing costs (CPIH) increased 3.1% year-over-year in August 2024. This is down from the recent peak in October 2022 (9.6%, the highest in 40 years).
The 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 2.2% in August 2024, down from the most recent peak in CPI that occurred in October 2022 (11.1%).
Largest upward contribution to inflation came from housing and household services followed by restaurants and hotels, and recreation and culture. The only downward contribution came from furniture and household goods.
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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