UK CPI inflation
CPI is the rate the Bank of England targets at 2%. The figure below is the latest 12-month print from the Office for National Statistics. A new print updates this page. It does not, by itself, change a mortgage payment.
3.1%
- 12 months to
- Aug 2026
- Target
- 1.1 percentage points above the 2% target
- Previous print
- 2.9% in Jul 2026
- Series
- D7G7
Previous, current, next
Three dates, in order. The current print is the one in the hero. The next date is when the ONS is due to publish the following month.
Previous
2.9%
Jul 2026
Current
3.1%
Aug 2026
Next release
21 October 2026
ONS publication date
How we got here
The next release is the first row, then the latest print, then earlier months. The change column is the move in that 12-month rate from the month before, in percentage points.
| Month | CPI | From previous month |
|---|---|---|
| 21 October 2026Next | — | Scheduled |
| Aug 2026Current | 3.1% | +0.2 pp |
| Jul 2026 | 2.9% | +0.3 pp |
| Jun 2026 | 2.6% | -0.2 pp |
| May 2026 | 2.8% | 0.0 pp |
| Apr 2026 | 2.8% | -0.5 pp |
| Mar 2026 | 3.3% | +0.3 pp |
| Feb 2026 | 3% | 0.0 pp |
| Jan 2026 | 3% | -0.4 pp |
| Dec 2025 | 3.4% | +0.2 pp |
| Nov 2025 | 3.2% | -0.4 pp |
| Oct 2025 | 3.6% | -0.2 pp |
| Sep 2025 | 3.8% | 0.0 pp |
| Aug 2025 | 3.8% | 0.0 pp |
| Jul 2025 | 3.8% | +0.2 pp |
| Jun 2025 | 3.6% | +0.2 pp |
| May 2025 | 3.4% | -0.1 pp |
| Apr 2025 | 3.5% | +0.9 pp |
| Mar 2025 | 2.6% | -0.2 pp |
| Feb 2025 | 2.8% | -0.2 pp |
| Jan 2025 | 3% | +0.5 pp |
| Dec 2024 | 2.5% | -0.1 pp |
| Nov 2024 | 2.6% | +0.3 pp |
| Oct 2024 | 2.3% | +0.6 pp |
| Sep 2024 | 1.7% | -0.5 pp |
What this print means for a mortgage
CPI was 3.1% in the 12 months to Aug 2026, 1.1 percentage points above the 2% target. The target is why the Monetary Policy Committee meets. It is not your pay rate.
Fixed-rate payments stay on the rate in the offer for the fixed period. A CPI print does not reset that rate. When the fix ends, the follow-on rate and the new deals on offer reflect funding costs and where Bank Rate is expected to go.
Tracker pay rates follow Bank Rate plus a margin. They move when Bank Rate moves, not when the ONS publishes CPI. The committee sets Bank Rate to bring CPI back to 2% over time. The next announcement date is 5 Nov 2026.
Standard variable rate is chosen by each lender. Lenders often review it after a Bank Rate decision. They do not have to pass on a CPI print.
Affordability checks use a stressed interest rate, not the CPI figure. For a personal situation, speak to an FCA-authorised mortgage broker. Mortgage118 does not give regulated advice.
CPI, CPIH, and RPI
The same month can produce three different inflation rates. The mortgage-relevant target is CPI. The other two are here so a headline in a different measure is not mistaken for the target.
| Measure | Latest 12-month rate | Month |
|---|---|---|
| CPIBank of England target measure | 3.1% | Aug 2026 |
| CPIHCPI plus owner-occupier housing costs | 3.3% | Aug 2026 |
| RPIOlder index, still used in some contracts | 3.4% | Aug 2026 |
RPI is no longer a target. Some older loans and other contracts still refer to it. If a document says inflation, check which index it names before comparing it with the figure in the hero.
Common questions
Quick answers — not regulated advice.
Does this CPI print change my mortgage payment?
Not on its own. A fixed rate stays as agreed until the fix ends. A tracker moves when Bank Rate moves. A lender's standard variable rate moves only if that lender changes it.
Is CPI the same as my mortgage rate?
No. CPI measures how fast consumer prices are rising. Your mortgage rate is set by the product you took: fixed, tracker, discount, or a standard variable rate.
Why might another inflation number be higher?
Where is the official figure?
More on Mortgage118
The rate decision and the directory sit next to this print.
Read the Bank of England base rate, browse the broker directory, or with an FCA-authorised adviser. Mortgage118 does not provide regulated advice.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. Information on this page is for general guidance only and does not constitute financial advice.Always verify details directly and seek independent advice before making financial decisions.