December 20, 2023

According to England’s Office of National Statistics (ONS) the Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 4.2% in the 12 months to November 2023, down from 4.7% in October. The Consumer Prices Index (CPI) rose by 3.9%, down from 4.6% in October. On a monthly basis, CPIH fell by 0.1% in November 2023 compared to an increase of 0.4% in November 2022, while CPI declined by 0.2% in November 2023, compared with a rise of 0.4% in November 2022.

“The primary factors influencing the yearly inflation rates for both CPIH and CPI are identical in cases where the measures overlap. Nevertheless, a significant distinction between CPIH and CPI inflation rates arises from the owner occupiers’ housing costs (OOH) element, which constitutes 16% of CPIH. This aspect predominantly contributes to the disparities between the inflation rates of CPIH and CPI, thus establishing CPIH as our most all-encompassing gauge of inflation,” highlighted by the ONS.

The easing in the annual inflation rates principally reflected downward contributions from eight divisions, including transport, recreation and culture, and food and non-alcoholic beverages. Notably, no divisions have contributed significantly to an upward impact on inflation rates.

In the transport division, Prices declined by 1.7% between October and November 2023, relative to a slight increase of 0.1% between the same two months a year ago. Prices for recreational and cultural goods and services declined by 0.4% between October and November 2023, relative to an increase of 0.6% a year ago. Food and non-alcoholic beverage prices increased by 0.3% between October and November 2023, relative to an increase of 1.1% a year ago, however the annual rates eased for the eighth consecutive month to 9.2% in November 2023.

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