The United Kingdom's inflation rate fell to 3.2% year-on-year in March 2024 from 3.4% in the previous month but remained slightly above the market expectation of 3.1%. It was the lowest rate since September 2021, primarily driven by a slowdown in food inflation (4.0% vs 5.0% in February). Additionally, prices rose at a slower pace for restaurants and hotels (5.8% vs 6.0%), recreation and culture (5.3% vs 5.4%), while the cost of housing continued to decline (-1.6% vs -1.7%). Transport prices, on the other hand, rebounded by 0.1% after four consecutive months of decrease, partly due to a softer decline in the cost of motor fuels. The annual core inflation rate, which excludes volatile items such as energy and food, dropped to 4.2%, the lowest rate since December 2021 and also slightly beat the market consensus of 4.1%. On a monthly basis, consumer prices rose by 0.6% in March, the same pace as in February. source: Office for National Statistics

Inflation Rate in the United Kingdom decreased to 3.20 percent in March from 3.40 percent in February of 2024. Inflation Rate in the United Kingdom averaged 2.83 percent from 1989 until 2024, reaching an all time high of 11.10 percent in October of 2022 and a record low of -0.10 percent in April of 2015. This page provides - United Kingdom Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.

Inflation Rate in the United Kingdom decreased to 3.20 percent in March from 3.40 percent in February of 2024. Inflation Rate in the United Kingdom is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Inflation Rate is projected to trend around 1.70 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-03-20 07:00 AM
Inflation Rate YoY
Feb 3.4% 4% 3.5% 3.5%
2024-04-17 06:00 AM
Inflation Rate YoY
Mar 3.2% 3.4% 3.1% 3.1%
2024-05-22 06:00 AM
Inflation Rate YoY
Apr 3.2%

Components Last Previous Unit Reference
Energy Inflation -12.70 -13.80 percent Mar 2024
Food Inflation 4.00 5.00 percent Mar 2024
Rent Inflation 7.20 6.90 percent Mar 2024
Services Inflation 6.00 6.10 percent Mar 2024

Related Last Previous Unit Reference
Consumer Price Index CPI 133.00 132.26 points Mar 2024
Core Consumer Prices 128.70 127.92 points Mar 2024
Core Inflation Rate YoY 4.20 4.50 percent Mar 2024
Core Producer Prices 135.20 134.80 points Mar 2024
CPI Housing Utilities 140.50 140.18 points Mar 2024
CPI Transportation 132.80 131.93 points Mar 2024
GDP Deflator 119.51 119.34 points Dec 2023
Harmonised Consumer Prices 132.26 131.48 points Feb 2024
Inflation Rate YoY 3.20 3.40 percent Mar 2024
Inflation Rate MoM 0.60 0.60 percent Mar 2024
PPI Output MoM 0.20 0.30 percent Mar 2024
Producer Prices 137.00 136.70 points Mar 2024
PPI Output YoY 0.60 0.40 percent Mar 2024
Retail Price Index YoY 4.30 4.50 percent Mar 2024

United Kingdom Inflation Rate
In United Kingdom, the most important categories in the Consumer Price Index are: Transport (14%), Housing & Utilities (14%), and Recreation & Culture (13%). Food & Non-alcoholic Beverages account for 12%, Restaurants & Hotels for 11%, Miscellaneous Goods & Services for 9%¸ Furnishings, Household Equipment & Routine Maintenance of the House for 8%, and Clothing & Footwear for 6%. Others include: Alcoholic Drinks, Tobacco & Narcotics (5%), Education (3%), Communication (3%) and Health (2%).
Actual Previous Highest Lowest Dates Unit Frequency
3.20 3.40 11.10 -0.10 1989 - 2024 percent Monthly

News Stream
UK Inflation Rate Falls Less than Expected
The United Kingdom's inflation rate fell to 3.2% year-on-year in March 2024 from 3.4% in the previous month but remained slightly above the market expectation of 3.1%. It was the lowest rate since September 2021, primarily driven by a slowdown in food inflation (4.0% vs 5.0% in February). Additionally, prices rose at a slower pace for restaurants and hotels (5.8% vs 6.0%), recreation and culture (5.3% vs 5.4%), while the cost of housing continued to decline (-1.6% vs -1.7%). Transport prices, on the other hand, rebounded by 0.1% after four consecutive months of decrease, partly due to a softer decline in the cost of motor fuels. The annual core inflation rate, which excludes volatile items such as energy and food, dropped to 4.2%, the lowest rate since December 2021 and also slightly beat the market consensus of 4.1%. On a monthly basis, consumer prices rose by 0.6% in March, the same pace as in February.
2024-04-17
UK Inflation Rate Slows to 2-1/2-Year Low
The United Kingdom's inflation rate dropped to 3.4% year-on-year in February 2024, down from 4% recorded in both January and December and falling below the market expectation of 3.5%. It was the lowest rate since September 2021, driven by a slowdown in price increases for food and non-alcoholic beverages (5.0% vs 6.9% in January), restaurants and hotels (6.0% vs 7.0%), recreation and culture (5.4% vs 5.7%), and miscellaneous goods and services (3.6% vs 4.5%). On the other hand, costs fell at a slower pace for both housing and utilities (-1.7% vs -2.1%) and transport (-0.1% vs -0.3%). The annual core inflation rate, which excludes volatile items such as energy and food, fell to 4.5%, the lowest rate since January 2022 and slightly below the market consensus of 4.6%.
2024-03-20
UK Inflation Rate Remains Steady at 4%
The United Kingdom's inflation rate was unchanged at 4.0% in January 2024, holding close to November's two-year low and falling below the market expectation of 4.2%. However, it remained double the Bank of England's target of 2.0%. There was a slowdown in the pace of price declines for both housing and utilities (-2.1% vs -3.4% in December), mainly due to gas and electricity charges, and transport (-0.3% vs -1.1%). On the other hand, inflation slowed sharply for both furniture and household goods (0.4% vs 2.5%) and food and non-alcoholic beverages (6.9% vs 8.0%). The sole category experiencing an acceleration in inflation was miscellaneous goods and services (4.5% vs 4.3%). Meanwhile, the annual core inflation rate, which excludes volatile items such as energy and food, held steady at 5.1%, slightly below the market consensus of 5.2%.
2024-02-14