This fall was reversed in April 2021 with rises in gas and electricity prices. In April 2020, the energy price cap had been reduced causing a downward contribution from electricity, gas and other fuels of 0.20 percentage points.
#News fews 2016 update
As the energy regulator, Ofgem update the energy price caps twice a year, in April and October, to ensure that they reflect changes in the cost of supplying energy. This was to limit the price energy suppliers can charge the estimated 15 million households that either use a prepayment meter or are on the “standard variable” energy (or default) tariff. The Office of Gas and Electricity Markets (Ofgem) introduced energy price caps. This was a result of price rises for gas and electricity following the increase in the cap on energy prices, which changed on 1 October 2021. Housing and household services contributed 1.37 percentage points to the CPIH 12-month inflation rate in January 2022, which is the largest contribution from any division this month, and is significantly above those from April to September 2021.
#News fews 2016 driver
Given that the owner occupiers’ housing costs (OOH) component accounts for around 17% of the CPIH, it is the main driver for differences between the CPIH and CPI inflation rates. In January 2022 the CPI fell by 0.1% from the previous month, compared with a fall of 0.2% in the same month the previous year. More information on contributions to change is provided in Section 4. The main offsetting upward contributions to the monthly rate came from housing and household services, food and non-alcoholic beverages, and alcohol and tobacco. Price falls in clothing and footwear, and transport led to the largest downward contributions to the monthly rate in January 2022. On a monthly basis, CPIH was unchanged in January 2022, compared with a fall of 0.1% in the same month a year earlier.
#News fews 2016 series
This is the highest CPI 12-month inflation rate in the National Statistic series, which began in January 1997, and it was last higher in the historical modelled series in March 1992, when it stood at 7.1%. The Consumer Prices Index (CPI) rose by 5.5% in the 12 months to January 2022, up from 5.4% to December 2021. The Office for National Statistics’ (ONS’) blog Beware Base Effects describes how relatively low prices for some items during those periods influence current inflation rates.
Inflation rates are currently influenced by the effects of the coronavirus (COVID-19) lockdowns in the previous year. This is the highest recorded 12-month inflation rate in the National Statistic series, which begins in January 2006, and the highest rate since CPIH stood at 5.1% in May 1992 in the historical modelled estimates. The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 4.9% in the 12 months to January 2022, up from 4.8% to December 2021. csvĭownload this chart Figure 1: Annual CPIH inflation rate highest since May 1992 Image
#News fews 2016 download
Source: Office for National Statistics - Consumer price inflation Download this table Table 1: CPIH, OOH component and CPI index values, and 12-month and 1-month rates. Table 1: CPIH, OOH component and CPI index values, and 12-month and 1-month rates On a monthly basis, CPI fell by 0.1% in January 2022, compared with a fall of 0.2% in January 2021. The Consumer Prices Index (CPI) rose by 5.5% in the 12 months to January 2022, up from 5.4% in December 2021. These were partially offset by large downward contributions to change from restaurants and hotels, and transport. The largest upward contributions to the change in the CPIH 12-month inflation rate between December 2021 and January 2022 came from clothing and footwear, housing and household services, and furniture and household goods. On a monthly basis, CPIH was unchanged in January 2022, compared with a fall of 0.1% in January 2021. The largest upward contributions to the January 2022 CPIH 12-month inflation rate came from housing and household services (1.37 percentage points) and transport (1.24 percentage points, principally from motor fuels and second-hand cars). The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 4.9% in the 12 months to January 2022, up from 4.8% in the 12 months to December 2021.
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