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- UK consumer price growth accelerated more than expected in September
UK consumer price growth accelerated more than expected in September
According to the report from Office for National Statistics, the Consumer Prices Index (CPI) 12-month rate was 0.7% in October 2020, up from 0.5% in September. Economists had expected a 0.6% increase.
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 0.9% in October 2020, up from 0.7% in September 2020.
The largest contribution to the CPIH 12-month inflation rate in October 2020 came from recreation and culture (0.26 percentage points).
Clothing; food; and furniture, furnishings and carpets made the largest upward contributions (with the contribution from these three groups totalling 0.16 percentage points) to the change in the CPIH 12-month inflation rate between September and October 2020.
These were partially offset by downward contributions of 0.06 and 0.04 percentage points, respectively, from the recreation and culture, and transport groups.
Eight CPIH items were unavailable to UK consumers in October, unchanged from September and accounting for 1.1% of the CPIH basket by weight; for October, we collected a weighted total of 90.0% of comparable coverage collected previously (excluding unavailable items).
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