The Consumer Prices Index (CPI) reported a 2.0% rise over the 12 months to June 2024, as per the Office for National Statistics (ONS). This increase is the same as the previous 12 months to May and significantly lower than the peak of 11.1% seen in October 2022.

This rate meets the Bank of England's 2% target, indicating a period of stability in economic conditions.

The Consumer Prices Index including owner occupiers' housing costs (CPIH) also saw a 2.8% rise in the year leading up to June 2024, consistent with the rate in May but down from the 9.6% peak in October 2022.

The monthly CPIH rate remained at 0.2%, unchanged from the same period the previous year.

The owner occupiers' housing costs (OOH) component within the CPIH increased by 6.8% in the 12 months to June 2024, slightly up from 6.7% in the previous year.

This is the highest annual rate recorded since July 1992.

On a monthly basis, OOH costs increased by 0.6%, compared to a 0.5% rise between May and June 2023.