UK inflation slows in December
Inflation eased to 3% in December from 3.1% in November. The rate came in line with expectations.
The 3.1% logged in November was the fastest since early 2012. The central bank targets 2% inflation.
Month-on-month, consumer prices advanced 0.4%, as expected, in December.
Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 2.5% in December from 2.7% in November. Inflation was forecast to slow to 2.6%.
Including owner occupiers' housing costs, inflation came in at 2.7% in December versus 2.8% in the previous month.
Another report from ONS showed that output price inflation accelerated to 3.3% in December from 3.1% in November.
Month-on-month, output prices climbed 0.4%, the same rate as seen in November.
Meanwhile, input price inflation eased sharply to 4.9% in December from 7.3% in November.
On a monthly basis, input prices edged up 0.1%, much slower than November's 1.6% increase. Prices have been rising since August. ■