📉 UK Inflation Update - July 2024 📉

The latest figures from the Office for National Statistics reveal that the UK’s Consumer Prices Index (CPI) rose by 2.2% in the 12 months to July 2024, up from 2.0% in June 2024.

Meanwhile, the Consumer Prices Index including owner occupiers’ housing costs (CPIH) increased by 3.1% over the same period, up from 2.8% in June.

This slight uptick in inflation is driven by various factors, including changes in housing and household services costs.

Despite this, the overall economic outlook remains cautiously optimistic, with the British Chambers of Commerce upgrading the UK’s growth forecast for 2024 to 1.1%.

As we navigate these economic shifts, it’s crucial for businesses and individuals to stay informed and adapt accordingly. Let’s continue to support each other and drive forward with resilience and innovation. 💪📊

Reference: 2024-0003-009