What it measures
The Consumer Prices Index measures the change in the prices of a basket of goods and services bought by households. It is built to the same international rules as the euro area's harmonised index and leaves out owner occupiers' housing costs and Council Tax. The calendar shows the annual rate.
The ONS also publishes CPIH, which adds owner occupiers' housing costs and Council Tax and which the ONS calls its most comprehensive measure. Markets, however, focus on CPI because it is the target measure.
Who publishes it and when
The ONS publishes the figure once a month at 07:00 London time, usually in the middle of the month, for the month before. Prices are collected around the middle of the reference month.
How it is put together
Price collectors record prices in shops and online, and since 2026 scanner data from retailers covers a large part of grocery prices. The items are weighted by household spending, and the basket is updated each year to reflect what households spend their money on.
The release also gives core CPI, which leaves out energy, food, alcohol and tobacco, and separate rates for goods and services.
What traders watch
Traders look at the headline, core CPI and services inflation, which the Bank of England watches as a guide to domestic price pressures. The comparison with the Bank's own forecast matters as well as the comparison with market expectations.
How markets have usually reacted
A higher than expected reading has often lifted the pound and UK gilt yields as markets price a firmer Bank of England; a lower one has often weighed on them. Because it comes out at 07:00 London time, before most UK trading, the first reaction can happen in thin markets.
Common mistakes
- Mixing up CPI and CPIH, which are both in the bulletin and can differ.
- Trading the early-morning release with the same size as during busy hours, when prices can move further on less volume.
How a higher or lower figure is usually read
Higher inflation than last month is usually read as supportive for the pound, because it points to firmer Bank of England policy; lower inflation as negative. Not a signal.
Release history
| Date | Period | Actual | Previous |
|---|---|---|---|
| Sep 2026 | 3.5% | 3.1% |
Related news
- Bank of England Rate Decision (Bank Rate)
- UK GDP (monthly)
- UK Unemployment Rate
- UK Retail Sales
- Economic calendar: every release this week in your time zone
- Lot size calculator: keep your risk the same around news
- How to use an economic calendar: what happens around a release, and how to plan for it
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Official source
Contains public sector information licensed under the Open Government Licence v3.0.
Calendar data: www.ons.gov.uk
Published by Office for National Statistics (ONS): www.ons.gov.uk