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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

September 20, 2023

UK Consumer Price Index including owner-occupiers' housing costs (CPIH) increased 6.3% year-over-year in August 2023, down from a year-over-year pace of 6.4% in July 2023, and down from the recent peak in October 2022 (9.6%, the highest in 40 years). CPIH was the lowest in August 2023 since March 2022.

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 6.7% in July 2023, down from 6.8% in July 2023, and down from the most recent peak in CPI that occurred in October 2022 (11.1%). 

Declines in annual inflation rates in August were due to downward effects from restaurants and hotels, food and non-alcoholic beverages, recreation and culture, and furniture and household goods were partially offset by upward contributions from transport, and housing and household services.

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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