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UK’s CPI surges 10.1% YoY in July

UK’s CPI surges 10.1% YoY in July

Arab Finance: The UK’s consumer price index (CPI) surged by 10.1% year-on-year (YoY) in July 2022, coming above June’s CPI of 9.4%, according to a press release on August 17th by the Office for National Statistics (ONS).

Month-on-month (MoM), CPI inched up 0.6% MoM last month, in contrast to a stabilized rate in July 2021.

Meanwhile, the CPI including owner occupiers' housing costs (CPIH) increased by 8.8% YoY in July 2022, higher than the CPIH of 8.2% recorded in June 2022.

Moreover, the CPIH grew 0.6% in July 2022, compared to the monthly unchanged data reported in July 2021.

Owner occupiers' housing costs (OOH) are the costs of housing services associated with owning, maintaining, and living in one's own home.

“The largest upward contributions to the annual CPIH inflation rate in July 2022 came from housing and household services (principally from electricity, gas and other fuels, and owner occupiers' housing costs), transport (principally motor fuels), and food and non-alcoholic beverages,” the ONS said.

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