UK inflation eases while furniture prices remain high

Furniture prices remained high during August as overall inflation eased.

According to the latest Office for National for National Statistics (ONS) data, the Consumer Prices Index (CPI) rose by 9.9% in the 12 months to August 2022, down from 10.1% in July.

On a monthly basis, CPI rose by 0.5% in August 2022, compared with a rise of 0.7% in August 2021.

Furniture and furnishing prices stood at 15.2% in August, up from 14.8% in July, while also rising from 7.9% compared to the same month last year.

The retail price of household furniture increased to 15.6% in the month from 15.1% in July, while rising from 8% last year.

Garden furniture prices stood at a rate of 16.3%, down from 21.1% on last month, while carpets and other floorcoverings prices were at a rate of 8.1%, up from 6.4% the previous month and down from 8.4% last year.

Other household textile prices, including furnishings fabrics, curtains and bedding, saw a rate of 6.2%, up from 5.6% the previous month.

Meanwhile, Producer Price Inflation (PPI) saw the rate of furniture output prices, factory gate, rise 10.9% in August on the same month in 2021, while also up from a rise of 10.6% in July.

Furniture input prices, material cost of production, were up 12.5% in August on the same month last year, while down from a rise of 16.5% the previous month.

Overall, producer input prices rose by 20.5% in the year to August 2022, down from 22.6% in the year to July 2022.

Producer output (factory gate) prices rose by 16.1% in the year to August 2022, down from 17.1% in the year to July 2022.

On a monthly basis, input prices decreased by 1.2% and output prices decreased by 0.1% in August 2022; this is the first time the monthly rates have been negative since August 2020 and September 2020, respectively.

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