In August 2024, the inflation rate remained unchanged, reflecting ongoing economic trends and consumer behaviours.
- The Consumer Prices Index (CPI) rose by 2.2% over the year to August, consistent with July’s figures.
- Combined with housing costs, the CPIH increased by 3.1%, also mirroring the previous month.
- A notable contributor to inflation was the fluctuation in air fares, which increased this year compared to a decline last year.
- Clothing and footwear prices experienced a slowdown, rising by 1.6% versus 2% in July.
The Consumer Prices Index (CPI) in August 2024 demonstrated no change compared to July’s annual rate, maintaining a steady year-on-year increase of 2.2%. This stability highlights persistent economic patterns affecting both consumers and businesses.
When owner occupiers’ housing costs are included, the Consumer Prices Index (CPIH) also reported an identical annual rise of 3.1%, unchanged from the previous month. This consistency reflects a balancing act within housing markets and broader economic conditions.
A principal factor influencing these inflation statistics was the change in air fares. This year, air fares contributed significantly to the monthly inflation rates, reversing the trend from the previous year when air fares had decreased. Such volatility in travel costs underscores the variable nature of current inflationary pressures.
In contrast, the pace of price increases for clothing and footwear saw a decline. Prices in this category rose by 1.6% over the year to August, compared to a 2% increase previously recorded in July. This deceleration may indicate shifting consumer preferences or changes in production and supply chain efficiencies.
The inflation rates for August 2024 have shown stability, underscoring consistent economic trends and consumer price behaviours.
