🌐 Inflation Steady: According to the latest data, the UK’s annual inflation rate remained steady at 2.2% in August 2024, the same as in July. This trend reflects overall economic stability.
🏠 Housing and Utilities Costs Decrease: Housing and utilities prices decreased by 1.6%, a further reduction compared to July’s 1.5%. This is good news for households as it helps to ease the pressure on living costs.
⛽ Fuel Prices Drop: Petrol prices fell by 2.1 pence per litre, now at 142.3 pence per litre. This could lead to reduced transportation and logistics costs, benefiting consumers in their everyday expenses.
🥖 Food Price Increases Slow: Food prices rose by 1.3%, compared to 1.5% in July. This slowdown offers some relief to families in managing their grocery expenses.
📈 Impact on the Property Market: With inflation holding steady, the overall economic environment remains predictable and stable. This provides a positive signal for the property market, allowing buyers and renters to plan with more certainty in terms of costs and long-term commitments.
For more detailed information, please refer to the Office for National Statistics.
Brickong is a second-hand estate agent based in South London, specialising in areas such as Sutton, Kingston upon Thames, New Malden, Guildford, Epsom, and Wimbledon. Click the links for more details on our Property Buying Services or Property Renting Services.
The information provided on this website should not be considered as investment advice. You should carefully assess and determine the benefits and risks of any investment. If in doubt, seek professional advice.