Furniture prices fell slightly in December as overall inflation eased, driven by restaurants and hotels.

According to the latest Office for National for National Statistics (ONS) data, the Consumer Prices Index (CPI) rose by 2.5% in the 12 months to December 2024, down from 2.6% in the 12 months to November. On a monthly basis, CPI rose by 0.3% in December 2024, down from 0.4% in December 2023.

The largest downward contribution to the monthly change in both CPIH and CPI annual rates came from restaurants and hotels; the largest upward contribution to both came from transport.

Furniture and furnishing prices fell by 0.5% in December, compared to a decline of 0.8% in November, while down from a 1.8% rise compared to the same month last year.

The retail price of household furniture increased by 0.3% in the month, up from a decline of 0.5%, while down from a rise of 1.2% last year.

Garden furniture prices fell 11.7%, compared to a fall of 12.6% on last month and down from a rise of 3% compared to last year.

Carpets and other floorcoverings prices fell 2.5%, compared to a fall of 1.1% the previous month, while lower than the 4.8% rise last year.

Other household textile prices, including furnishings fabrics, curtains and bedding, saw prices rise by 0.6%, higher than its rise of 0.1% the previous month, while down from a rise of 2.5% on last year.

Meanwhile, Producer Price Inflation (PPI) saw the rate of furniture output prices, factory gate, rise 2% in December on the same month in the previous year. The rate was the same as the rise of 2% in November. Furniture input prices, material cost of production, were up 0.2% on the same month last year, slightly down from the rise of 0.7% from the previous month.

Producer input prices fell by 1.5% in the year to December 2024, up from a revised fall of 2.1% in the year to November. Producer output (factory gate) prices rose by 0.1% in the year to December 2024, up from a revised fall of 0.5% in the year to November. On a monthly basis, producer input prices and output (factory gate) prices both rose by 0.1% in December 2024.

Commenting on the inflation figures for December, ONS Chief Economist Grant Fitzner said: “Inflation eased very slightly as hotel prices dipped this month, but rose a year ago. The cost of tobacco was another downward driver, as prices increased by less than this time last year.

“This was partly offset by the cost of fuel and also second-hand cars, which saw their first annual growth since July 2023.”