The UK’s consumer prices index (CPI) rose by 2.3% in the 12 months to April 2024, a decrease from 3.2% in the previous 12 months. Monthly CPI increased by 0.3% in April 2024, compared to a rise of 1.2% in April 2023. Core CPI, which excludes certain items, saw a 3.9% rise in the 12 months to April 2024, down from 4.2% in March. The CPI goods annual rate experienced a slowdown, dropping to a negative 0.8%. Specifically, clothing and footwear sector prices rose by 3.7% in the year to April 2024. The consumer prices index including owner occupiers’ housing costs (CPIH) increased by 3.0% in the 12 months to April 2024, down from 3.8% in the previous 12 months. On a monthly basis, CPIH rose by 0.5% in April 2024, compared to 1.2% in April 2023.
In April 2024, the input producer price index (PPI) annual inflation rate improved to -1.6%, up from -2.5% in March 2024. This marks the 11th straight month of negative annual rates, but it is the highest rate since May 2023. The monthly input PPI inflation rate was 0.6% in April, following a revised 0.2% decline in March 2024.
The UK’s consumer prices index (CPI) rose by 2.3 per cent in the 12 months to April 2024, down from 3.2 per cent in March. Core CPI increased by 3.9 per cent, and CPIH rose by 3 per cent. The input producer price index (PPI) annual inflation rate was negative 1.6 per cent, an improvement from negative 2.5 per cent in March. The output PPI annual inflation rate was 1.1 per cent in April 2024. Retailers are helping to bring inflation down, but government policy support is needed to sustain this trend. The retail sector is crucial for the economy and employs millions of people. Kris Hamer, director of Insight at the British Retail Consortium, emphasized the importance of government support for customers and retailers amid rising costs and upcoming elections.
