Inflation rate down

Consumer price inflation, UK: January 2019 – ONS

  • The Consumer Prices Index including owner occupiers’ housing costs 12-month inflation rate was 1.8% in January 2019, down from 2.0% in December 2018.
  • The largest downward contribution to the change in the 12-month rate came from electricity, gas and other fuels, with prices overall falling between December 2018 and January 2019 compared with price rises the same time a year ago.
  • These downward effects were partially offset by air fares, with prices falling between December 2018 and January 2019 by less than a year ago.
  • The Consumer Prices Index (CPI) 12-month rate was 1.8% in January 2019, down from 2.1% in December 2018.

Growth lowest for six years

GDP monthly estimate, UK: December 2018

Headline annual gross domestic product (GDP) growth was 1.4% in 2018, the lowest it has been in six years. Meanwhile, the services sector had annual growth of 1.7%, the lowest since 2011 and the production sector had annual growth of 0.7%, the lowest since 2013. Construction annual growth was 0.6%, the lowest since 2012. Construction growth contracted in Quarter 4 2018, the first negative three-month growth since May 2018

UK gross domestic product grew by 0.2% in Quarter 4 2018

Rolling three-month growth slowed further to 0.2%, after growth of 0.3% in November 2018

GDP fell by 0.4% in December 2018

CPIH down in December

Consumer price inflation, UK: December 2018

  • The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.0% in December 2018, down from 2.2% in November 2018.
  • The Consumer Prices Index (CPI) 12-month rate was 2.1% in December 2018, down from 2.3% in November 2018.

Inflation up to 2.5%

Consumer price inflation, UK: July 2018 – ONS

The Consumer Prices Index (CPI) 12-month rate was 2.5% in July 2018, up from 2.4% in June 2018.

  • The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.3% in July 2018, unchanged from June 2018.
  • Rising prices for computer games and transport fares produced the largest upward contributions to change in the 12-month rate between June and July 2018, although computer game prices tend to be highly variable from month to month.
  • The upward effects were offset by falls in prices for clothing and footwear, and the removal of initial charges for investment in some unit trusts.
  • Prices for clothing and footwear fell by 0.4% between July 2017 and July 2018, the first time the 12-month rate has been negative since October 2016.

Inflation falls

Consumer price inflation, UK: February 2018: ONS

  • The Consumer Prices Index (CPI) 12-month rate was 2.7% in February 2018, down from 3.0% in January 2018.
  • The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.5% in February 2018, down from 2.7% in January 2018.
  • The largest downward contributions to the change in the rate came from transport and food prices, which rose by less than a year ago.
  • Falling prices for accommodation services also had a downward effect.
  • Rising prices for footwear produced the largest, partially offsetting, upward contribution.