Inflation on the rise

UK consumer price inflation: May 2017 – ONS

  • The Consumer Prices Index including owner occupiers’ housing costs 12-month inflation rate was 2.7% in May 2017, up from 2.6% in April.
  • The rate has been steadily increasing following a period of relatively low inflation in 2015 and is at its highest since April 2012.
  • Rising prices for recreational and cultural goods and services (particularly games, toys and hobbies) was the main contributor to the increase in the rate.
  • There were smaller upward contributions from increased electricity and food prices.
  • These upward contributions were partially offset by falls in motor fuel prices, and air and sea fares, the latter two influenced by the timing of Easter in April this year.
  • The Consumer Prices Index (CPI) 12-month rate was 2.9% in May 2017, up from 2.7% in April.

Inflation highest since June 2014

UK consumer price inflation: Jan 2017 – ONS

  • The Consumer Prices Index (CPI) rose by 1.8% in the year to January 2017, compared with a 1.6% rise in the year to December 2016.
  • The rate in January 2017 was the highest since June 2014.
  • The main contributors to the increase in the rate were rising prices for motor fuels and to a lesser extent food prices, which were unchanged between December 2016 and January 2017, having fallen a year ago.
  • These upward pressures were partially offset by prices for clothing and footwear, which fell by more than they did a year ago.

Inflation up to 1.6%

UK consumer price inflation: Dec 2016 – ONS

  • The Consumer Prices Index (CPI) rose by 1.6% in the year to December 2016, compared with a 1.2% rise in the year to November.
  • The rate in December was the highest since July 2014, when it was also 1.6%.
  • Price movements for the majority of the broad groups of goods and services acted to increase the rate between November 2016 and December 2016.
  • The main contributors to the increase in the rate were rises in air fares and the price of food, along with prices for motor fuels, which fell by less than they did a year ago.

UK consumer price inflation rises

UK consumer price inflation: Nov 2016

  • The Consumer Prices Index (CPI) rose by 1.2% in the year to November 2016, compared with a 0.9% rise in the year to October.
  • The rate in November was the highest since October 2014, when it was 1.3%.
  • Rises in the prices of clothing, motor fuels and a variety of recreational and cultural goods and services, most notably data processing equipment, were the main contributors to the increase in the rate.
  • These upward pressures were partially offset by falls in air and sea fares.

UK inflation: slight fall

UK consumer price inflation: Oct 2016 – ONS

  • The Consumer Prices Index (CPI) rose by 0.9% in the year to October 2016, compared with a 1.0% rise in the year to September.
  • Although the rate was slightly lower than in September 2016, it remained higher than the rates otherwise seen since late 2014.
  • The main downward contributors to the change in the rate were prices for clothing and university tuition fees, which rose by less than they did a year ago, along with falling prices for certain games and toys, overnight hotel stays and non-alcoholic beverages.
  • These downward pressures were offset by rising prices for motor fuels, and by prices for furniture and furnishings, which fell by less than they did a year ago.

Inflation unchanged at 0.6%

UK consumer price inflation: Aug 2016 – ONS

  • The Consumer Prices Index (CPI) rose by 0.6% in the year to August 2016, unchanged from July.
  • The rate is still relatively low in the historic context although it is above the rates experienced in 2015 and early 2016.
  • The main upward contributors to change in the rate were rising food prices and air fares, and a smaller fall in the price of motor fuels than a year ago.
  • These upward pressures were offset by falls in hotel accommodation prices, in addition to smaller rises in the prices of alcohol, and clothing and footwear than a year ago.

The TUC said: “Ongoing low inflation signals need for urgent action to protect and boost growth

CPI rose by 0.6%

Consumer price inflation: July 2016

  • The reporting period for this release covers the calendar month of July 2016, therefore, the data refers to the period after the EU referendum.
  • The Consumer Prices Index (CPI) rose by 0.6% in the year to July 2016, compared with a 0.5% rise in the year to June.
  • Although the small increase in the rate between June 2016 and July 2016 takes it to the highest seen since November 2014, it is still relatively low in the historic context.
  • The main contributors to the increase in the rate were rising prices for motor fuels, alcoholic beverages and accommodation services, and a smaller fall in food prices than a year ago.
  • These upward pressures were partially offset by falls in social housing rent, and falling prices for certain games and toys.

The TUC said:

Inflation figure is a reminder of need for urgent action to protect jobs