Furniture prices rose slightly in October as overall inflation rose driven by the increase in the energy price cap.
According to the latest Office for National for National Statistics (ONS) data, the Consumer Prices Index (CPI) rose by 2.3% in the 12 months to October 2024, up from 1.7% in September. On a monthly basis, CPI rose by 0.6% in October 2024, up from being little changed in October 2023.
The largest upward contribution to the monthly change in both CPIH and CPI annual rates came from housing and household services, mainly because of electricity and gas prices; the largest offsetting downward contribution came from recreation and culture.
Furniture and furnishing prices rose by 0.3% in October, up from a decline of 0.9% in September, while down from a 2.1% rise compared to the same month last year.
The retail price of household furniture increased by 0.5% in the month, up from a fall of 0.7%, while down from a rise of 2.2% last year.
Garden furniture prices fell 11.4%, compared to a fall of 12.7% on last month and down from a rise of 3.9% compared to last year.
Carpets and other floorcoverings prices fell 1.3%, compared to a fall of 2.5% the previous month, while lower than the 7.7% rise last year.
Other household textile prices, including furnishings fabrics, curtains and bedding, saw prices rise by 1.5%, up from 0.1% the previous month, while down from a rise of 2.4% on last year.
Meanwhile, Producer Price Inflation (PPI) saw the rate of furniture output prices, factory gate, rise 1% in October on the same month in the previous year. The rate was the same as the rise of 1% in September. Furniture input prices, material cost of production, were up 0.5% on the same month last year and unchanged from the previous month.
Producer input prices fell by 2.3% in the year to October 2024, down from a revised fall of 1.9% in the year to September. Producer output (factory gate) prices fell by 0.8% in the year to October 2024, down from a revised fall of 0.6% in the year to September. On a monthly basis, producer input prices rose by 0.1%, while output (factory gate) prices were flat at 0.0% in October 2024.
Commenting on the inflation figures for October, ONS Chief Economist Grant Fitzner said: “Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year. These were partially offset by falls in recreation and culture, including live music and theatre ticket prices.
“The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices.”
