The uplift seen in UK rent inflation data may help to explain recent rises in overall inflation numbers. Rent represents one of a number of slow-moving drivers — others include rail fares, water, and council tax bills. The ONS inflation numbers record the price of the stock of rental properties, but with tenancy contracts typically reset only once a year, it takes time for new market rates to surface. Hence, with an 8% weighting attached to rent price in the CPI, and 35% of UK households renting in 2023-24, such lagged indicators may explain continued above-target inflation in the short