UK inflation stays high at 6.7% YoY in September

October 18, 2023 (MLN): The UK’s inflation remained elevated in September, with the Consumer Prices Index (CPI) clocking in at 6.7% YoY, the same rate as in August, according to the latest data issued by National Statistics.

On a monthly basis, CPI rose by 0.5% in September 2023, the same rate as in September 2022.

The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 6.3% in the 12 months to September 2023, the same rate as in August.

On a monthly basis, CPIH rose by 0.5% in September 2023, compared with a rise of 0.4% in September 2022.

The largest downward contributions to the monthly change in both CPIH and CPI annual rates came from food and non-alcoholic beverages, where prices fell on the month for the first time since September 2021, and furniture and household goods, where prices rose by less than a year ago.

Rising prices for motor fuel made the largest upward contribution to the change in the annual rates.

Core CPIH (excluding energy, food, alcohol and tobacco) rose by 5.9% in the 12 months to September 2023, the same rate as in August; the CPIH goods annual rate fell slightly from 6.3% to 6.2%, while the CPIH services annual rate rose from 6.1% to 6.3%.

Core CPI (excluding energy, food, alcohol and tobacco) rose by 6.1% in the 12 months to September 2023, down from 6.2% in August; the CPI goods annual rate fell slightly from 6.3% to 6.2%, while the CPI services annual rate rose from 6.8% to 6.9%.

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