Furniture prices fell in September as overall inflation eased to its lowest annual rate in over three years.
According to the latest Office for National for National Statistics (ONS) data, the Consumer Prices Index (CPI) rose by 1.7% in the 12 months to September 2024, down from 2.2% in August. On a monthly basis, CPI was little changed in September 2024, down from a rise of 0.5% in September 2023.
The largest downward contribution to the monthly change in both CPIH and CPI annual rates came from transport, with larger negative contributions from air fares and motor fuels; the largest offsetting upward contribution came from food and non-alcoholic beverages.
Furniture and furnishing prices fell by 0.9% in September, down from a decline of 1.3% in August, while down from a 3.3% rise compared to the same month last year.
The retail price of household furniture decreased by 0.7% in the month, down from a fall of 1%, while down from 3.4% last year.
Garden furniture prices fell 12.7%, compared to a fall of 13% on last month and down from a rise of 5.1% compared to last year.
Carpets and other floorcoverings prices fell 2.5%, compared to a rise of 0.6% the previous month, while lower than the 9.4% rise last year.
Other household textile prices, including furnishings fabrics, curtains and bedding, saw prices rise by 0.1%, down from 0.5% the previous month, while down from 4.7% on last year.
Meanwhile, Producer Price Inflation (PPI) saw the rate of furniture output prices, factory gate, rise 1% in September on the same month in the previous year. The rate was lower from the rise of 2.1% in August. Furniture input prices, material cost of production, were down by 0.2% on the same month last year and unchanged from the previous month.
Producer input prices fell by 2.3% in the year to September 2024, down from a revised decrease of 1.0% in the year to August. Producer output (factory gate) prices fell by 0.7% in the year to September 2024, down from a revised increase of 0.3% in the year to August. On a monthly basis, producer input prices fell by 1.0%, while output (factory gate) prices fell by 0.5% in September 2024.
Commenting on the inflation figures for September, ONS Chief Economist Grant Fitzner said: “Inflation eased in September to its lowest annual rate in over three years. Lower airfares and petrol prices were the biggest driver for this month’s fall.
“These were partially offset by increases for food and non-alcoholic drinks, the first time that food price inflation has strengthened since early last year. Meanwhile the cost of raw materials for businesses fell again, driven by lower crude oil prices.”
