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UK reported the highest year-on-year inflation (CPI) of 10.1% over the last 40 years, mainly driven by housing and household services such as electricity, gas, and other fuels. The second largest contribution came from food and non-alcoholic beverages, which has overtaken that from transport.
The main drivers of the annual inflation rate for CPIH and CPI are the same where they are common to both measures. However, owner occupiers’ housing costs (OOH) component accounts for around 17% of the CPIH, and it is the main driver for differences between the CPIH and CPI inflation rates.