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Wednesday, July 14, 2021

CPI Hits 2.5% - Driven by Used Car Prices

CPI hit 2.5% in June, pushed in a large part by used car prices which rose the most on record in the UK in June.

The cost of previously-owned vehicles rose 4.4% in June, the most since records began in 1996, and contributed to an unexpected 2.5% increase in consumer prices, the Office for National Statistics said this morning. The ONS said consumers were paying more to avoid trains and buses.

The demand for used cars is driven by a shortage of new cars, as a result of car production delays for new vehicles caused by a shortage in semiconductors sending prices surging.

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