PPI is a closely watched inflation gauge since it captures average price shifts before they reach consumers and is a proxy for potential price changes in stores. As such, prices for services - which increased 0.2% from May - were the primary driver behind June’s slight increase. Goods prices held steady for the month, after tumbling 1.6% in May, according to the BLS report.

Watchara Phomicinda/MediaNews Group/The Press-Enterprise/Getty Images Lynne Lancaster, head of estate agency at Penrith Farmers and Kidd's, said: 'Demand continues to well outstrip supply and we are actually seeing more tenants stay put for longer rather than move after the agreed term.A worker monitors the processing of tortilla chips at the La Reina Tortilla factory in San Bernardino, California, on June 29, 2023.

Rightmove's director of property science Tim Bannister said: 'Average asking rents for new tenants have risen at a rapid pace since the pandemic, reflecting the significant increase in demand, which is driven by a combination of factors including changed housing needs, such as some space to work from home.'Īllison Thompson, national lettings managing director of Leaders Romans Group, said: 'Some highly leveraged landlords are considering selling due to interest rate rises but we find most are mortgage-free, and in most cases our advice is to avoid a knee-jerk reaction.' In signs that some landlords are selling up, 16% of properties currently for sale were previously available on the rental market - a figure which is up from 13% in January 2019 - Rightmove said. London rents are 28% (£559 per month) higher than they were at the same time in 2019.

Family evicted from rental home every eight minutes in England

Flat icon .com