The UK Consumer Prices Index (CPI) annual inflation rate was at 2.2% in the 12 months to August 2024, according to the latest data from the Office for National Statistics (ONS).  

The rate continued stable from July 2024.  

In a month-on-month comparison, the CPI increased by 0.3% in August 2024, mirroring the rate in August 2023. 

The core CPI, which excludes volatile items such as energy, food, alcohol and tobacco, rose 3.6% over the 12 months to August 2024 - an increase from the 3.3% recorded in July.  

The CPI goods annual rate dropped further into negative territory, moving from negative 0.6% to negative 0.9%, while the CPI services annual rate climbed from 5.2% to 5.6%. 

Food inflation fell 0.2 percentage points to 1.3% in August 2024.  

In response to the ONS data, British Retail Consortium insight director Kris Hamer said: “Headline inflation remained unchanged in August. Despite energy prices continuing to fall, this was counteracted by a rise in the transport category, particularly in airfares.  

“Meanwhile, there was welcome news across wider retail as heavy discounting saw the inflation rate of clothing and footwear continue to fall. Households will have been happy to see food inflation fall to its lowest level since October 2021 as retailers continue to offer their customers the best value possible on a range of items with some goods such as fresh fruit and vegetables falling in price on the month.”