UK Retail Inflation Report summary
July 2024
Period covered: Period covered: June 2024
3 minute read
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.
Inflation
Inflation reaches target rate: Headline inflation remained at xx% in the 12 months to June 2024, unchanged from May, maintaining the Bank of England's inflation target but exceeding economists' expectations for an easing to xx%.
Core CPI: Core CPI, excluding energy, food, alcohol, and tobacco, held steady at xx% in June 2024, the same rate as in May.
Goods and services inflation: CPI goods annual rate fell slightly to xx%, marking the largest annual fall since August 2016. Services inflation remained at xx% for the second consecutive month.
Food inflation down (-): Food and non-alcoholic beverage inflation rose by xx% year-on-year, down from xx% in May, the lowest rate since October 2021. Notable decreases were seen in bread, cereals, meat, and fruit, providing relief to consumers, especially those on lower incomes who spend more on essentials.
Clothing and Footwear (-): Prices rose by xx% in the year to June 2024, down from xx% in May. Significant price falls in women's and children’s clothing and women’s footwear due to increased promotional activity. Notable falls in women’s sportswear shorts, exercise leggings, and girls’ fashion tops.
Restaurant and Hotels (+): Prices rose by xx% in June YoY, driven by a sharp rise in hotel prices. The surge attributed partly to increased demand for accommodation due to Taylor Swift's concerts in Edinburgh, Liverpool, Cardiff, and London.
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Inflation reaches the target rate
Source: ONS, Retail Economics analysis
