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.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-14 07:00 AM
Inflation Rate YoY
Jan 4% 4% 4.2% 4.1%
2024-03-20 07:00 AM
Inflation Rate YoY
Feb 3.4% 4% 3.5% 3.5%
2024-04-17 06:00 AM
Inflation Rate YoY
Mar 3.4% 3.1%

Components Last Previous Unit Reference
Energy Inflation -13.80 -14.90 percent Feb 2024
Food Inflation 5.00 6.90 percent Feb 2024
Rent Inflation 6.90 6.50 percent Feb 2024
Services Inflation 6.10 6.50 percent Feb 2024

Related Last Previous Unit Reference
Consumer Price Index CPI 132.26 131.48 points Feb 2024
Core Consumer Prices 127.92 127.11 points Feb 2024
Core Inflation Rate YoY 4.50 5.10 percent Feb 2024
Core Producer Prices 134.90 134.60 points Feb 2024
CPI Housing Utilities 140.18 139.62 points Feb 2024
CPI Transportation 131.93 130.91 points Feb 2024
GDP Deflator 119.51 119.34 points Dec 2023
Harmonised Consumer Prices 132.26 131.48 points Feb 2024
Inflation Rate YoY 3.40 4.00 percent Feb 2024
Inflation Rate MoM 0.60 -0.60 percent Feb 2024
PPI Output MoM 0.30 0.00 percent Feb 2024
Producer Prices 136.70 136.30 points Feb 2024
PPI Output YoY 0.40 -0.30 percent Feb 2024
Retail Price Index YoY 4.50 4.90 percent Feb 2024

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
3.40 4.00 11.10 -0.10 1989 - 2024 percent Monthly

News Stream
UK Inflation Rate Slows to 2-1/2-Year Low
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%.
2024-03-20
UK Inflation Rate Remains Steady at 4%
The United Kingdom's inflation rate was unchanged at 4.0% in January 2024, holding close to November's two-year low and falling below the market expectation of 4.2%. However, it remained double the Bank of England's target of 2.0%. There was a slowdown in the pace of price declines for both housing and utilities (-2.1% vs -3.4% in December), mainly due to gas and electricity charges, and transport (-0.3% vs -1.1%). On the other hand, inflation slowed sharply for both furniture and household goods (0.4% vs 2.5%) and food and non-alcoholic beverages (6.9% vs 8.0%). The sole category experiencing an acceleration in inflation was miscellaneous goods and services (4.5% vs 4.3%). Meanwhile, the annual core inflation rate, which excludes volatile items such as energy and food, held steady at 5.1%, slightly below the market consensus of 5.2%.
2024-02-14
UK Inflation Rate Unexpectedly Accelerates
Annual inflation rate in the UK unexpectedly rose to 4% in December 2023 from a nearly two-year low of 3.9% in November, and above forecasts of 3.8%. It is the first increase in inflation rate in ten months, with the biggest upward contribution coming from prices of alcohol and tobacco (12.9% vs 10.2%), mainly due to a rise in tobacco duty and recreation and culture (5.7% vs 5.3%), namely DVDs, computer software, computer games consoles, sports equipment, toys and package holidays. Inflation also increased for clothing and footwear (6.4% vs 5.7%), furniture and household equipment (2.5% vs 2.3%), and communication (8.5% vs 8.1%). On the other hand, inflation slowed for food and non-alcoholic beverages (8% vs 9.2%), driven by milk, cheese and eggs; health (7.3% vs 7.4%); restaurants and hotels (7% vs 7.5%); and transport (-1.1% vs -1.5%). Compared to the previous month, the CPI went up 0.4%. Meanwhile, the core CPI rose 0.6%, leaving the annual rate unchanged at 5.1%.
2024-01-17