Consumption definition economics5/5/2023 ![]() The rate was last higher, at 12.2%, in June 1991.ĭownload this chart Figure 2: Annual inflation rate for restaurants and hotels last higher in June 1991 Image The annual inflation rate for restaurants and hotels was 12.1% in February 2023, up from 10.8% in January, and the highest rate since the constructed historical estimate of 12.1% in July 1991. ![]() Source: Consumer price inflation from the Office for National Statistics Download this table Table 2: CPIH annual and monthly inflation rates by division. UK, February 2022, January 2023, and February 2023 Table 2: CPIH annual and monthly inflation rates by division ![]() ![]() Section 3: Notable movements in prices covers both CPIH and CPI, though the figures reflect CPIH. This makes CPIH our most comprehensive measure of inflation, and it is covered in more detail in Section 4: Latest movements in CPIH inflation in this bulletin, while Section 5: Latest movements in CPI inflation provides commentary on the CPI. However, the owner occupiers' housing costs (OOH) component accounts for 16% of the CPIH and is the main driver for differences between the CPIH and CPI inflation rates. The main drivers of the annual inflation rate for CPIH and CPI are the same where they are common to both measures. The rise in the CPI annual rate between January and February 2023 came as a result of prices rising by 1.1% on the month, compared with a rise of 0.8% a year earlier. Our indicative modelled estimates of consumer price inflation suggest that the October 2022 peak was the highest annual inflation rate since 1981 (the CPI National Statistic series begins in January 1997). The Consumer Prices Index (CPI) rose by 10.4% in the 12 months to February 2023, up from 10.1% in January but below a recent peak of 11.1% in October 2022. The rise in the annual rate between January and February 2023 came as a result of prices rising by 1.0% on the month compared with a rise of 0.7% a year earlier. Since October 2022, the CPIH annual rate has fluctuated around 9.2%, a rate that was previously recorded just over 30 years ago, between September and December 1990. Indicative modelled consumer price inflation estimates suggest that the October 2022 rate was the highest rate in over 40 years (the CPIH National Statistic series begins in January 2006). The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 9.2% in the 12 months to February 2023, up from 8.8% in January but below a recent peak of 9.6% in October 2022. csvĭownload this chart Figure 1: Annual CPIH and CPI inflation rates rise again following the easing in January 2023 Image Source: Consumer price inflation from the Office for National Statistics Download this table Table 1: CPIH, OOH component and CPI index values, and annual and monthly rates. Table 1: CPIH, OOH component and CPI index values, and annual and monthly rates This release is the first publication to include expanded data on rail fares as part of our project to transform consumer price statistics. ![]()
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