UK inflation eases in December
By Michele Maatouk
Date: Wednesday 18 Jan 2023
(Sharecast News) - UK inflation eased in December, but remained close to a 40-year high, according to figures released on Wednesday by the Office for National Statistics.
Consumer price inflation eased to 10.5% from 10.7% in November, falling for the second month in a row. Economists had been expecting the inflation rate to be unchanged.
A drop in petrol and clothing prices was behind the decline, helping to offset higher prices in hotels, restaurants, food and non-alcoholic drinks.
Meanwhile, the core rate of inflation - which excludes food, energy, alcohol and tobacco - was flat at 6.3%.
Capital Economics said the small fall in CPI inflation and unchanged core rate "suggests it is too early for the Bank of England to declare victory in its fight against inflation".
"This supports our view that the Bank will raise Bank Rate from 3.50% now to a peak of 4.50% in the coming months."
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