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UK's consumer price index rises 6.8% in July 2023: ONS

16 Aug '23
2 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • UK's consumer prices index (CPI) rose by 6.8 per cent in the year to July 2023, down from 7.9 per cent in June, with a monthly fall of 0.4 per cent.
  • Core CPI remained at 6.9 per cent, while CPI goods rate slowed to 6.1 per cent.
  • Twelve-month CPI rate for clothing and footwear was at 6.6 per cent in July.
  • Falling energy prices contributed to these trends.
UK's consumer prices index (CPI) increased by 6.8 per cent in the 12 months leading to July 2023, according to the Office for National Statistics. This is down from 7.9 per cent in June 2023 and represents a sharp drop from the peak of 11.1 per cent in October 2022—the highest annual inflation rate since 1981.

Specific divisions in the CPI also showed noticeable changes, such as in clothing and footwear. The 12-month rate for this division was at 7.2 per cent in June 2023 but dropped to 6.6 per cent in July 2023. On a monthly basis, it fell from minus 1.6 per cent in July 2022 to minus 2.2 per cent in July 2023.

The July 2023 CPI rate is the lowest recorded since February 2022. On a monthly basis, the CPI fell by 0.4 per cent in July 2023, in contrast to the 0.6 per cent rise during the same period in 2022. This downward trend can be largely attributed to falling gas and electricity prices, which provided the largest contributions to the monthly change in CPI annual rates, as per ONS.

Additionally, the Core CPI, which excludes energy, food, alcohol, and tobacco, remained consistent with a 6.9 per cent increase over the past 12 months until July 2023. This is unchanged from June's figures. The annual rate for CPI goods has slowed from 8.5 per cent to 6.1 per cent.

Moreover, the consumer prices index including owner occupiers' housing costs (CPIH) followed a similar trend, rising by 6.4 per cent in the 12 months to July 2023, down from 7.3 per cent in June. On a monthly basis, the CPIH fell by 0.3 per cent in July 2023, whereas it rose by 0.6 per cent in the same month the previous year.

Fibre2Fashion News Desk (DP)

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