Small changes for inflation in the year to June
ANNUAL inflation remains consistent this month, though consumers goods continue to trickle down in prices according to the latest data from the Office for National Statistics (ONS).
In the latest consumer price inflation figures for the year to June 2024, the ONS found that the overall CPIH rate of inflation sat at 2.8%, a consistent performance from the month prior as it sat at 2.8% as well for May.
While restaurants & hotels as well as housing costs saw some upward movement during the month between May and June, the rate of inflation across consumer goods did continue its downward trend.
This saw food and non-alcoholic beverages dip by 0.2 percentage points to sit at 1.5% in the year to June with alcohol and tobacco products falling to 7.3% for the time period.
This dip in inflation was somewhat mirrored in the prices of good as well as the ONS reported that the annual rates eased in six of the 11 food and non-alcoholic beverages classes, strengthened in four and remained the same for one.
This saw a positive turn for consumers eager to fire up the barbecue with the elusive sunny weather over the past few weeks as meat prices have fallen in the year to June 2024.
And there’s been plenty of more consumers making trips to the shop as of late, thanks in part to the UEFA Euro football tournament, as Kantar reported a rise in overall footfall.
Covering the four weeks to 7 July, Kantar said that trips to the supermarkets increased by 2% during this period, when compared to the year prior, which saw consumers across the UK picking up more items for their baskets.
Take-home sales at the grocers increased by 2.2% over the four week period, with sales of branded products sitting at 3.6%, outpacing own-label items which only sat at 2.7%.
Amid these signs of a rising consumer confidence, Fraser McKevitt, head of retail and consumer insight at Kantar, noted that many shoppers will be looking to the UK Government on Wednesday as the new Labour government is set to reveal its King’s Speech.
He said: “The retail landscape looks very different from 2010 when the last Labour government was in power – and so do our shopping trolleys.
“As diets have evolved, sales of popcorn, peanut butter and chilled vegetarian products, such as sausages and grills, have more than trebled.
“We’re also more likely to have premium ground and bean coffee in our cups now.”
