The United Kingdom's inflation rate dropped to 3.4% year-on-year in February 2024, down from 4% recorded in both January and December and falling below the market expectation of 3.5%. It was the lowest rate since September 2021, driven by a slowdown in price increases for food and non-alcoholic beverages (5.0% vs 6.9% in January), restaurants and hotels (6.0% vs 7.0%), recreation and culture (5.4% vs 5.7%), and miscellaneous goods and services (3.6% vs 4.5%). On the other hand, costs fell at a slower pace for both housing and utilities (-1.7% vs -2.1%) and transport (-0.1% vs -0.3%). The annual core inflation rate, which excludes volatile items such as energy and food, fell to 4.5%, the lowest rate since January 2022 and slightly below the market consensus of 4.6%. source: Office for National Statistics
Inflation Rate in the United Kingdom decreased to 3.40 percent in February from 4 percent in January of 2024. Inflation Rate in the United Kingdom averaged 2.83 percent from 1989 until 2024, 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 March of 2024.
Inflation Rate in the United Kingdom decreased to 3.40 percent in February from 4 percent in January of 2024. Inflation Rate in the United Kingdom is expected to be 3.10 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 1.70 percent in 2025, according to our econometric models.