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UK Inflation Eases As Expected In December


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UK consumer prices rose at the slowest pace in three months in December largely driven by the easing of motor fuel inflation, figures from the Office for National Statistics revealed Wednesday.

Consumer price inflation slowed to 10.5 percent in December, as expected, from 10.7 percent in November.

On a monthly basis, consumer prices gained 0.4 percent, the same pace of growth as seen in November, and in line with expectations.

Excluding energy, food, alcoholic beverages and tobacco, core inflation held steady to 6.3 percent, while the rate was forecast to ease to 6.2 percent.

Transport cost gained 6.9 percent annually, the lowest rate since May 2021. The main driver behind the easing in the rate came from motor fuels. Prices of clothing and footwear also rose at a slower pace of 6.4 percent.

Partially offsetting some of the easing inflation rates, the annual rate for restaurants and hotels accelerated to 11.4 percent in December from 10.2 percent in November. The rate was the highest since September 1991.

Similarly, food and non-alcoholic beverage prices surged 16.9 percent, faster than the 16.5 percent increase a month ago.

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