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UK Inflation Hits Two-Year High in June

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pound`s inflation

UK inflation accelerated for the fifth straight month in June, to mark the fastest rate in over two years.

Source: Office for National Statistics

The Consumer Prices Index including owner occupier’s housing costs (CPIH) climbed by 2.4% in June, up from 0.8% the same month in 2020 and 2.1% in May. This is the highest since February 2018’s 2.5%.

The Consumer Price Index (CPI) stood at 2.5%, higher than 0.6% in June 2020 and 2.1% in May. This is the highest level since inflation stood at 2.7% in August 2018.

Transport prices posted the largest contribution to the climb, along with food, second-hand cars, clothing and footwear, eating and drinking out, and motor fuel.

Higher prices were slightly offset by the decline in prices of games, and toys and hobbies which posted substantial growth in 2020 amid the restrictions.

Inflation rates were influenced by base effects given the COVID-19 restrictions in place in spring 2020.

 

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