UK Inflation Slows, Housing Costs Soar (20.11.2024)

The Consumer Prices Index, including owner occupiers' housing costs (CPIH), rose by 3.2% in the 12 months to October 2024, an increase from 2.6% in September and a significant decline from the recent peak of 9.6% recorded in October 2022.

Estimates indicate that October 2022 marked the highest inflation rate in over 40 years, with the CPIH series officially beginning in January 2006.

In October 2024, the CPIH monthly rate was 0.6%, rising from 0.1% in the same month of the previous year (October 2023). Owner occupiers' housing costs (OOH), which constitute around 16% of CPIH, climbed by 7.4% annually, up from 7.2% in September. This represents the highest annual increase since February 1992 in the constructed historical series. On a monthly basis, OOH costs increased by 0.8%, slightly up from 0.7% in October 2023.

The Consumer Prices Index (CPI) recorded a 2.3% annual rise in October 2024, an increase from 1.7% in September, yet well below the October 2022 peak of 11.1%. Similar to CPIH, estimates suggest the October 2022 rate was the highest in over four decades, with the CPI series beginning in January 1997. The CPI monthly rate for October 2024 was 0.6%, showing little change compared to the same month the previous year.

The key drivers of annual inflation for both CPIH and CPI are broadly aligned where the two measures overlap. However, the OOH component unique to CPIH sets it apart, making CPIH a more comprehensive measure of inflation.

Source: Eurostat

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