Technical 'bluff' sees UK 12-month inflation dip in July

Latest ONS figures

Mike Sheen
clock • 2 min read

The UK’s 12-month inflation rate saw growth slow in July, largely as a result of technical base effects linked to the first easing of lockdown conditions last year, the latest data from the Office for National Statistics (ONS) show.

ONS figures published this morning (18 August) show the Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 2.1% in the 12 months to July, down from 2.4% in the previous month. Meanwhile CPI rose by 2% in the 12 months to July 2021, down from 2.5% in June. Transport costs contributed to the largest upward contribution to the CPIH 12-month rate at 0.85 percentage points, while clothing and footwear, and a variety of recreational goods and services, applied the largest downward pressure. The ONS attributed "around 0.2 percentage points" of the easing in the ...

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