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MNI BRIEF: UK Core Inflation Inches Higher On Services Uptick

Headline inflation unchanged on July's 2.2%, but little to shift BOE thinking ahead of rate vote.
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MNI (LONDON) - UK headline inflation was 2.2% in August on an annual basis, unchanged from July's year-on-year rearing and in line with financial market expectations, the Office for National Statistics said Wednesday.

On a monthly basis, CPI rose by 0.3% in August 2024, the same rate as in August 2023. The largest upward contribution to the monthly change in annual rates came from air fares, which rose this year but fell a year ago; the largest offsetting downward contributions came from motor fuels, restaurants and hotels. Core CPI rose by 3.6% in the 12 months to August 2024, up from 3.3% in July; the CPI goods annual rate fell from negative 0.6% to negative 0.9%, while the CPI services annual rate rose from 5.2% to 5.6%.

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MNI (LONDON) - UK headline inflation was 2.2% in August on an annual basis, unchanged from July's year-on-year rearing and in line with financial market expectations, the Office for National Statistics said Wednesday.

On a monthly basis, CPI rose by 0.3% in August 2024, the same rate as in August 2023. The largest upward contribution to the monthly change in annual rates came from air fares, which rose this year but fell a year ago; the largest offsetting downward contributions came from motor fuels, restaurants and hotels. Core CPI rose by 3.6% in the 12 months to August 2024, up from 3.3% in July; the CPI goods annual rate fell from negative 0.6% to negative 0.9%, while the CPI services annual rate rose from 5.2% to 5.6%.

Keep reading...Show less