By almost every measure inflation has plummeted in the last 12 months

An upbeat Facts4EU.Org summary of the latest figures from the Office for National Statistics

Montage © Facts4EU.Org 2024

The cost of goods on their own only rose by 1.1% in the last year

Yesterday the Office for National Statistics released its latest figures for the various measures of inflation in Brexit Britain. On almost all counts inflation is now a fraction of what it was one year ago.

It was services which accounted for most of the rate of inflation. The increase in the cost of goods only amounted to 1.1% over the past 12 months.

Brexit Facts4EU.Org Summary

1. Inflation falling in Brexit Britain – the headline numbers

Consumer Price Index (CPI) : 3.4% (Down from 10.4%)

[Source : Office for National Statistics, 20 Mar 2024.]

Inflation including housing (CPIH) : 3.8% (Down from 9.2%)

[Source : Office for National Statistics, 20 Mar 2024.]

2. Inflation falling in different sectors of the economy

Food and non-alcoholic beverages : 5.0%
Alcohol and tobacco : 11.8%
Clothing and footwear : 5.0%
Housing and household services : 2.9%
Furniture and household goods : 0.1%
Health : 6.6%
Transport : -0.4%
Communication : 5.7%
Recreation and culture : 5.6%
Education : 4.5%
Restaurants and hotels : 6.0%
Miscellaneous goods and services : 3.4%
All goods : 1.1%
All services : 6.0%

In nine out of the 12 sectors cited by the ONS, inflation fell

The easing in the annual inflation rates reflected downward contributions from nine divisions, partially offset by upward contributions from two.

Large downward effects from food and non-alcoholic beverages, and restaurants and hotels were partially offset by an upward effect from housing and household services.

Fuel and car costs

The average price of petrol was £1.422 per litre in February 2024, down from £1.480 per litre in February 2023. Diesel prices stood at £1.513 per litre, down from £1.695 per litre in the same month a year ago.

These movements resulted in overall motor fuel prices falling by 6.5% in the year to February 2024.

Second-hand car prices fell by 7.3% in the year to February 2024. The annual rate has now been negative for seven consecutive months.

Observations

Yes, the inflation rate is still too high, but it has dropped dramatically. The fall is much better than analysts’ expectations.

In percentage terms the drop over the last 12 months more or less mirrors that of many EU countries, showing that Brexit was not a factor in higher prices.

Facts4EU.Org really needs you today

We are a 'not for profit' team (we make a loss) and any payment goes towards the actual work, not plush London offices, lunch or taxi expenses, or other luxuries of some organisations.

We badly need more of our thousands of readers to become members, to support this work. Could this be you, today? It's quick and easy, we give you a choice of two highly secure payment providers, and we do NOT ask you for further support if you pay once. We just hope you keep supporting us. Your membership stays anonymous unless you tell us otherwise.

Please don't assume that other people will keep us going - we don't receive enough to survive and we need your help today. Could you help us? We rely 100% on public contributions from readers like you.

If you believe in a fully-free, independent, and sovereign United Kingdom, please join now by clicking on one of the links below or you can use our Support page here. You will receive a personal, friendly ‘thank you’ from a member of our team within 48 hours. Thank you.

[ Sources: Office for National Statistics ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Thurs 21 Mar 2024

Click here to go to our news headlines

Please scroll down to COMMENT on the above article.
And don't forget actually to post your message after you have previewed it!

Something to say about this? Scroll down for reader comments

Since before the EU Referendum, Brexit Facts4EU.Org
has been the most prolific researcher and publisher of Brexit facts in the world.

Supported by MPs, MEPs, & other groups, our work has impact.

We think facts matter. Please donate today, so that we can continue to ensure a clean Brexit is finally delivered.

Any credit card user

Quick One-off

From £5 - £1,000

Monthly

From £3 per month

Paypal Users Only - Choose amount first

Quick One-off

Monthly

PLEASE NOTE IF YOU WOULD LIKE TO COMMENT : You can write your comment under any existing comments below. After you have clicked to preview your comment, you MUST then click on the CAPTCHA system and send you comment, for it to be published. Thank you!

Reader Comments 7

1. Sparky , Thursday, March 21, 2024, 07:16:

Good news, still highest in the G7 but now lower than average salary increases. The OBR report "Economic and fiscal outlook – March 2024". states "We now expect it (inflation) to fall further to an average of 2.2 per cent this year and 1.5 per cent in 2025 before gradually returning to target at the end of the forecast period".

2. Ashley Great Britain , Thursday, March 21, 2024, 08:41:

Good. Now they need to look at reducing interest rates.

3. Gazzablack , Friday, March 22, 2024, 00:03:

Meanwhile in the Glorious EU
.
The French Senate has voted against the EU trade deal with Canada
.
Yes - The one signed in 2016 and provisionally applied since 2017,
.
Seven years later and it's "still" not fully in place.

4. Sparky , Friday, March 22, 2024, 06:28:

3 G. The current UK Canada trade agreement is one of the rollover agreements for three years. In Jan 2024 talks for a new agreement between UK and Canada was not agreed and talks have stopped.
.
Brexit promised quick trade deals, they are not unless one side gives too much away such as the UK Australia deal.

5. LuxuryBalloon , Friday, March 22, 2024, 07:02:

Sunak and Hunt did well to turn the economy around.

6. Gazzablack , Friday, March 22, 2024, 07:06:

4, sparkless
.
The UK HAS a trade deal with Canada, it hasn't ended
Yes it is rolled over from the EU deal but, unlike the EU deal, it IS ratified and in operation.
There were just three areas that were time limited , including most notably cheese exports.
(Which currently account for a tiny fraction of UK cheese exports anyway)
Canadian officials have asserted that they absolutely will ratify the UK's accession to the CPTPP.
.
The UK hasn't given too much away in the Australia deal, and you don't know enough of it's details to judge that it has.
And as I posted on a previous article, since the deal was signed UK exports to Australia have increased substantially.
More latterly BAE systems and Rolls Royce will play a big part in the building of RAN's nuclear submarines.

7. Ashley Great Britain , Friday, March 22, 2024, 08:37:

And note its called the Royal Australian Navy.
Not, EU Mariana Taskwn forcen (sponsored by the UK)

Add comment:

Please note: Your email address is never published unless you choose to enter it.