In the year to March 2024, inflation stood at 3.2%, according to the Office for National Statistics. This is down 0.2%, compared to February.
In the year to February 2024, inflation stood at 3.4%, according to the Office for National Statistics. This is down 0.6%, compared to January.
'Consistent reductions in the overall rate of inflation is good news for the economy but it will feel far from reality for hospitality businesses.'
As the Office for National Statistics confirm the rate of inflation has fallen again to 4.6%, UKHospitality is urging the Chancellor to take action on business rates in the Autumn Statement to avoid an inflationary spike early next year.
While 74% of Americans feel at least moderately in control of their finances this year, inflation has caused 19% to cut back on necessary spending
With the rate of inflation in September revealed as 6.7%, it is now confirmed that the planned inflation-linked rise in April will cost hospitality businesses an additional £234 million.
New figures from the Office for National Statistics show that inflation fell 0.1% in August, to 6.7%.
A presentation on inflation's effects on hotel profitability at the 2023 Hotel Data Conference highlighted hotel rates on a real basis are still down compared to 2019 while hotels continue to face increasing costs, particularly from labor.
UKHospitality Responds to July U.K. Inflation Numbers
'The rate of inflation reducing more than expected is good news for hospitality businesses, but it remains the case that food and energy costs are incredibly high. '