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June 19, 2024UK CONSUMER PRICE INDEX, MAY 2024 
UK Consumer Price Index including owner-occupiers' housing costs (CPIH) increased 2.8% year-over-year in May 2024 as inflation continues to slow. This is down from the recent peak in October 2022 (9.6%, the highest in 40 years).
The 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 2.0% in May 2024, down from 2.3% reported in April 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, while the largest upward contributions came from 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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