Retail

UK CPI up 3.4% in 12 months to Feb 2024; 0.6% rise on monthly basis

21 Mar '24

2 min read

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The UK CPI rose by 3.4 per cent in the 12 months to February—down from 4 per cent in January.
The annual rate in February was the lowest since September 2021.
On a monthly basis, CPI rose by 0.6 per cent compared with a 1.1-per cent rise in February 2023.
The CPI 12-month rate for clothing and footwear was 5 per cent in February (one-month rate 2.1 per cent).

The UK consumer price index (CPI) rose by 3.4 per cent in the 12 months to February this year—down from 4 per cent in January and well below its recent peak of 11.1 per cent in October 2022, according to the Office of national Statistics (ONS).

The October 2022 peak was the highest rate in over 40 years. The annual rate in February this year was the lowest since September 2021, when it was 3.1 per cent.

The easing in the annual rate between January and February this year was a result of prices rising by 0.6 per cent month on month compared with a rise of 1.1 per cent a year earlier.

On a monthly basis, CPI rose by 0.6 per cent in February compared with a rise of 1.1 per cent in February last year.

The largest upward contributions to the CPI annual rates came from housing and household services, and motor fuels.

Core CPI (excluding energy, food, alcohol and tobacco) rose by 4.5 per cent in the 12 months to February, down from 5.1 per cent in January. The CPI goods annual rate slowed from 1.8 per cent to 1.1 per cent.

In February this year, the country’s CPI 12-month rate for clothing and footwear was 5 per cent, while the one-month rate was 2.1 per cent.

Fibre2Fashion News Desk (DS)

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