Consumer price inflation in the United Kingdom dropped to 6.8% in July 2023 from 7.9% in June, pointing to the lowest level since February 2022 and matching market consensus, mainly due to a slump in fuel prices. Additionally, the core rate, which excludes volatile items such as energy and food, was at 6.9 %, unchanged from June's reading but remained outside the Bank of England's 2.0% target, providing the central bank with room to continue the ongoing policy tightening path. Transport prices declined further (-2.1% vs -1.8% in June), pressured by a 24.9% slump in cost of fuels and lubricants. There were also notable downward effects from food and non-alcoholic beverages (14.8% vs 17.3%), furniture and household goods (6.2% vs 6.5%), recreation and culture (6.5% vs 6.7%). and miscellaneous goods and services (6.0% vs 6.5%). On a monthly basis, consumer prices fell by 0.4%, the first decline since January, compared with consensus of a 0.5% decrease and after a 0.1% rise in June. source: Office for National Statistics

Inflation Rate in the United Kingdom averaged 2.80 percent from 1989 until 2023, reaching an all time high of 11.10 percent in October of 2022 and a record low of -0.10 percent in April of 2015. This page provides - United Kingdom Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Inflation Rate in the United Kingdom is expected to be 5.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Inflation Rate is projected to trend around 2.50 percent in 2024 and 1.70 percent in 2025, according to our econometric models.

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United Kingdom Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-19 06:00 AM Jun 7.9% 8.7% 8.2% 8.3%
2023-08-16 06:00 AM Jul 6.8% 7.9% 6.8% 6.9%
2023-09-20 06:00 AM Aug 6.8%


Related Last Previous Unit Reference
Inflation Rate 6.80 7.90 percent Jul 2023
Inflation Rate MoM -0.40 0.10 percent Jul 2023
Consumer Price Index CPI 130.91 131.47 points Jul 2023
Harmonised Consumer Prices 130.91 131.47 points Jul 2023
Core Inflation Rate 6.90 6.90 percent Jul 2023
Core Consumer Prices 126.74 126.35 points Jul 2023
GDP Deflator 118.24 115.80 points Jun 2023
Producer Prices Change -0.80 0.30 percent Jul 2023
Export Prices 113.40 113.10 points Apr 2018
Import Prices 111.40 111.30 points Apr 2018
Food Inflation 14.80 17.30 percent Jul 2023
Energy Inflation -7.80 3.20 percent Jul 2023
Rent Inflation 6.50 5.50 percent Jul 2023
Producer Price Inflation MoM 0.10 -0.20 percent Jul 2023
Services Inflation 7.40 7.20 percent Jul 2023
Retail Price Index 9.00 10.70 percent Jul 2023
Producer Prices 135.10 135.00 points Jul 2023
CPI Transportation 136.37 134.46 points Jul 2023
CPI Housing Utilities 138.50 144.43 points Jul 2023
Core Producer Prices 134.40 134.30 points Jul 2023

United Kingdom Inflation Rate
In United Kingdom, the most important categories in the Consumer Price Index are: Transport (14%), Housing & Utilities (14%), and Recreation & Culture (13%). Food & Non-alcoholic Beverages account for 12%, Restaurants & Hotels for 11%, Miscellaneous Goods & Services for 9%¸ Furnishings, Household Equipment & Routine Maintenance of the House for 8%, and Clothing & Footwear for 6%. Others include: Alcoholic Drinks, Tobacco & Narcotics (5%), Education (3%), Communication (3%) and Health (2%).
Actual Previous Highest Lowest Dates Unit Frequency
6.80 7.90 11.10 -0.10 1989 - 2023 percent Monthly

News Stream
UK Inflation Rate Falls to 29-Month Low
Consumer price inflation in the United Kingdom dropped to 6.8% in July 2023 from 7.9% in June, pointing to the lowest level since February 2022 and matching market consensus, mainly due to a slump in fuel prices. Additionally, the core rate, which excludes volatile items such as energy and food, was at 6.9 %, unchanged from June's reading but remained outside the Bank of England's 2.0% target, providing the central bank with room to continue the ongoing policy tightening path. Transport prices declined further (-2.1% vs -1.8% in June), pressured by a 24.9% slump in cost of fuels and lubricants. There were also notable downward effects from food and non-alcoholic beverages (14.8% vs 17.3%), furniture and household goods (6.2% vs 6.5%), recreation and culture (6.5% vs 6.7%). and miscellaneous goods and services (6.0% vs 6.5%). On a monthly basis, consumer prices fell by 0.4%, the first decline since January, compared with consensus of a 0.5% decrease and after a 0.1% rise in June.
2023-08-16
UK Inflation Rate Slows to 15-Month Low
Consumer price inflation in the United Kingdom dropped to 7.9 percent in June 2023, marking the lowest level since March 2022 and slightly below the market consensus of 8.2 percent, mainly due to a slump in fuel prices. Additionally, the core rate, which excludes volatile items such as energy and food, eased to 6.9 percent from May's 31-year high of 7.1 percent. Despite the recent slowdown, both rates remained well above the Bank of England's 2.0 percent target, providing the central bank with room to continue the ongoing policy tightening campaign. Transport prices declined 1.8 percent (vs 1.2 percent in May), driven by a 22.7 percent slump in the cost of fuels and lubricants. There were also notable downward effects from food and non-alcoholic beverages (17.3 percent vs 18.3 percent), furniture and household goods (6.5 percent vs 7.5 percent), and restaurants and hotels (9.5 percent vs 10.3 percent). On a monthly basis, consumer prices rose by 0.1 percent in June.
2023-07-19
UK Inflation Rate Unexpectedly Flat in May
The consumer price inflation in the United Kingdom held steady at 8.7 percent in May 2023, unchanged from the previous month's 13-month low and above market expectations of 8.4 percent. The rate remained significantly higher than the Bank of England's target of 2.0 percent, adding to concerns about its stickiness and placing additional pressure on policymakers to maintain the bank's ongoing tightening campaign. Rising prices for air travel (31.4 percent vs 12.6 percent in April), recreational and cultural goods and services (6.7 percent vs 6.3 percent), and second-hand cars (3.9 percent vs 1.2 percent) were enough to offset falling fuel costs (-13.1 percent vs -8.9 percent) and slowing food inflation (18.3 percent vs 19.0 percent). The core inflation rate, which excludes volatile items such as energy, food, alcohol and tobacco, rose to 7.1 percent, the highest since March 1992.
2023-06-21