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March 20, 2024UK CONSUMER PRICE INDEX, FEBRUARY 2024 
UK Consumer Price Index including owner-occupiers' housing costs (CPIH) increased 3.8% year-over-year in February 2024 as inflation continues to slow. This is down from the recent peak in October 2022 (9.6%, the highest in 40 years).
Owner occupiers' housing costs component accounts for 16% of the CPIH. It is the main driver for differences between the CPIH and CPI inflation rates. This makes CPIH the UK’s most comprehensive measure of inflation.
Year-over-year growth in the UK Consumer Price Index (CPI) was 3.4% in February 2024, slower than the 4.0% inflation reported in January and down from the most recent peak in CPI that occurred in October 2022 (11.1%).
The largest downward contribution came from food and non-alcoholic beverages, and restaurants and cafes, while the largest upward contributions came from housing and household services and motor fuels.
Sources: United Kingdom Office for National Statistics Statistical bulletin
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
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