Ekonomické zprávy
20.10.2021

UK consumer price growth unexpectedly slowed in September

According to the report from the Office for National Statistics, the Consumer Prices Index (CPI) rose by 3.1% in the 12 months to September 2021, down from 3.2% in August. Economists had expected a 3.2% increase.

On a monthly basis, CPI increased 0.3% in September 2021, compared with a rise of 0.4% in September 2020. Economists had expected a 0.4% increase.

The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 2.9% in the 12 months to September 2021, down from 3.0% in the 12 months to August.

The largest upward contribution to the September 2021 CPIH 12-month inflation rate came from transport (0.91 percentage points) with further large upward contributions from housing and household services (0.69 percentage points), restaurants and hotels (0.34 percentage points), and recreation and culture (0.31 percentage points).

CPIH increased by 0.3% on the month in September 2021, compared with a rise of 0.4% in September 2020.

Restaurants and hotels made the largest downward contribution to the change in the CPIH 12-month inflation rate between August and September 2021, with partially offsetting upward contributions from most other divisions, notably transport, furniture and household goods, food and non-alcoholic beverages, and housing and household services.

The large downward contribution to change from restaurants and hotels is a base effect, in part because of the recovery of restaurant and cafe prices in September 2020 following August’s Eat Out to Help Out scheme.

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