Consumer price inflation, UK: July 2023

Main points

• The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 6.4% in the 12 months to July 2023, down from 7.3% in June.

• On a monthly basis, CPIH fell by 0.3% in July 2023, whereas it rose by 0.6% in July 2022.

• The Consumer Prices Index (CPI) rose by 6.8% in the 12 months to July 2023, down from 7.9% in June.

• On a monthly basis, CPI fell by 0.4% in July 2023, compared with a rise of 0.6% in July 2022.

• Falling gas and electricity prices provided the largest downward contributions to the monthly change in CPIH and CPI annual rates; food prices rose in July 2023 but by less than in July 2022, also leading to an easing in the annual inflation rates.

• Hotels and passenger transport by air were the classes that provided the largest offsetting upward contributions to the change in the rate.

• Core CPIH (excluding energy, food, alcohol and tobacco) rose by 6.4% in the 12 months to July 2023, the same rate as the 12 months to June 2023; the CPIH goods annual rate slowed from 8.5% to 6.1%, while the CPIH services annual rate was 6.5%, up from 6.3% in June.

• Core CPI (excluding energy, food, alcohol and tobacco) rose by 6.9% in the 12 months to July 2023, unchanged from June; the CPI goods annual rate slowed from 8.5% to 6.1%, while the CPI services annual rate rose slightly from 7.2% to 7.4%.

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