Consumer Prices Index (CPI) rose by 2.2% - July 2024

Consumer Prices Index (CPI) rose by 2.2% - July 2024

According to the latest data from the Office for National Statistics (ONS) released this week, CPI inflation for the year ending in July 2024 stands at 2.2%, up from last month’s 2% inflation rate.

The next ONS data release is scheduled for 18 September 2024, with the Bank of England's interest rate announcement to follow on 19 September 2024. Inflation currently remains close to the Bank of England's 2% target.

The report stated:

The largest upward contribution to the monthly change in both CPIH and CPI annual rates came from housing and household services where prices of gas and electricity fell by less than they did last year; the largest downward contribution came from restaurants and hotels, where prices of hotels fell this year having risen last year.

Source: ONS