The inflation rate for August 2024 has shown no change, maintaining its level from the previous month.
- In August 2024, the Consumer Prices Index (CPI) rose by 2.2%, consistent with July’s figures.
- The more comprehensive Consumer Prices Index, including owner occupiers’ housing costs (CPIH), stood steady at 3.1%.
- Clothing and footwear prices witnessed a slower growth in August at 1.6% compared to July’s 2%.
- Air fares contributed significantly to the unchanged inflation rate, diverging from last year’s decreasing trend.
The inflation rate, as measured by the Consumer Prices Index (CPI), held steady at 2.2% in August 2024. This marks a continuation from the previous month’s rates, reflecting stability in consumer pricing.
Consumer Prices Index including owner occupiers’ housing costs (CPIH) also demonstrated no change in its annual percentage increase, remaining at 3.1%. These figures were confirmed in the recent data released by the Office for National Statistics (ONS).
In contrast to July 2024, clothing and footwear prices increased by a lower rate of 1.6% year-on-year in August, showing a deceleration in price rises for these categories. This reflects trends within the broader retail sector where price adjustments are commonplace.
A notable factor influencing the inflation statistics was the price of air travel. This year, air fares saw an increase which contributed to the overall inflation rate. This is in stark contrast to the previous year, where air travel costs had decreased, indicating a shift in travel demand and cost patterns.
The unchanged inflation rate underscores a period of economic stability despite fluctuations in specific sectors like clothing and air travel. Such steadiness in the general inflation rate suggests a broader balance in price dynamics across various consumer goods and services.
The stability of the inflation rate in August signifies a balanced economic environment amidst sectoral variations.
