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)