UK Inflation Rate Rises to 2.0% in June 2024
Headline Inflation Stays Stable, RPI Remains High
The Consumer Prices Index (CPI) rose by 2.0% in the 12 months to June 2024, the same rate as in June 2023. This is the highest rate of inflation since July 2022.
The monthly rate of inflation was 0.2%, the same as in June 2023. The largest upward contributions to the monthly CPI inflation rate came from food and non-alcoholic beverages, and transport. The largest downward contributions came from clothing and footwear, and miscellaneous goods and services.
The Retail Prices Index (RPI) inflation rate was 11.3% in May 2023, unchanged from the previous month. This is the highest rate of RPI inflation since March 1982.
The Bank of England's Monetary Policy Committee (MPC) is responsible for setting interest rates in the UK. The MPC's target is to keep inflation at 2.0%. At its meeting in May 2023, the MPC voted to increase Bank Rate by 0.25 percentage points to 4.5%. This was the fourth consecutive increase in interest rates.
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