Furniture prices fell slightly in November as overall inflation rose driven by rising fuel and clothing prices.
According to the latest Office for National for National Statistics (ONS) data, the Consumer Prices Index (CPI) rose by 2.6% in the 12 months to November 2024, up from 2.3% in the 12 months to October. On a monthly basis, CPI rose by 0.1% in November 2024, compared with a fall of 0.2% in November 2023.
The largest upward contribution to the monthly change in both CPIH and CPI annual rates came from transport, with a further large upward effect in CPIH from housing and household services.
Furniture and furnishing prices fell by 0.7% in November, down from a rise of 0.3% in October, while down from a 2.4% rise compared to the same month last year.
The retail price of household furniture decreased by 0.5% in the month, down from a rise of 0.5%, while down from a rise of 2.4% last year.
Garden furniture prices fell 12.6%, compared to a fall of 11.4% on last month and down from a rise of 4.3% compared to last year.
Carpets and other floorcoverings prices fell 1.1%, compared to a fall of 1.3% the previous month, while lower than the 5.7% rise last year.
Other household textile prices, including furnishings fabrics, curtains and bedding, saw prices rise by 0.1%, lower than its rise of 1.5% the previous month, while down from a rise of 1.9% on last year.
Producer input prices fell by 1.9% in the year to November 2024, up from a revised fall of 2.4% in the year to October. Producer output (factory gate) prices fell by 0.6% in the year to November 2024, up from a revised fall of 0.9% in the year to October. On a monthly basis, producer input prices were unchanged, while output (factory gate) prices rose by 0.3% in November 2024.
Commenting on the inflation figures for November, ONS Chief Economist Grant Fitzner said: “Inflation rose again this month as prices of motor fuel and clothing increased this year but fell a year ago.
“This was partially offset by air fares, which traditionally dip at this time of year, but saw their largest drop in November since records began at the start of the century.”
Responding to the latest CPI inflation figures, Kris Hamer, Director of Insight of the British Retail Consortium, said: “Headline inflation rose once again last month. November’s figures were driven primarily by increased inflation rates of fuel and clothing and footwear. There was some welcome news for those shopping around early for Christmas presents, as furniture and household equipment remained in deflation, albeit not quite as low as in October. Food inflation did rise marginally though customers would have been glad to see the price of certain meats such as pork, lamb and beef fall in price on the month.
“Retailers are doing their upmost to deliver an affordable Christmas for their customers in the face of global price pressures. For an industry that operates on low margins, £7 billion of increased costs from higher employer NI, National Living Wage, and new packaging levies, cannot simply be absorbed, despite retailers’ best efforts, and will inevitably lead to price rises, job losses, and more empty stores on our high streets. Retailers are watching the Government’s proposed changed to business rates closely, and it is essential that it leaves no store paying more in rates than before. By protecting shops, the government can support retailers as the invest in keeping shops open, and keeping prices down.”
