Household costs across the UK have risen 2.5 per cent in the year to June 2024, according to figures from the ONS.

The Household Costs Index has revealed that the rise has slowed from the annual rate of 4.5 per cent in March 2024.

The index revealed that those with a mortgage and other owner-occupier households had the highest annual inflation rate of 3.7 per cent in the year to June 2024, reflecting rising mortgage interest payments.

By contrast, the rate for outright owner occupiers was the lowest, at 1.3 per cent in the year to June 2024.

Private renters’ HCI inflation rate was higher than social and other renters in the year to June 2024, at 3.2 per cent and 1.9 per cent, respectively.

Non-retired households continued to experience a higher annual rate of inflation (2.9 per cent in the year to June 2024) than retired households (1.2 per cent).

The annual inflation rate for households with children fell to 2.9 per cent and the rate for households without children fell to 2.3 per cent, in the year to June 2024.

The figures may be revised in the future due to methodological improvements.

The Household Costs Indices complement the Consumer Prices Index including owner occupiers’ housing costs and the Consumer Prices Index, and show how the prices of goods and services consumed by households in the UK change over time.

They do this by providing insight into the inflationary experience of different household groups.

 

Consumer price statistics measure the change in price of a “fixed basket” of goods and services.