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MNI BRIEF: UK Inflation In Unexpected December Uptick

(MNI) London

UK inflation edged higher in December, the first uptick in annual price gains since February 2022, the Office for National Statistics said Wednesday, as CPI rose 4.0% y/y, above the 3.9% recorded in November and outpacing analyst expectations for a deceleration to 3.8%.

Core inflation was unchanged on November at 5.1%. Both measures remain largely in line with the Bank of England's latest forecasts for year-end, although of course still well above the MPC's 2% target.

“The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently introduced duty increases. These were partially offset by falling food inflation, where prices still rose but at a much lower rate than this time last year," said Grant Fitzner, ONS chief economist. (MNI INTERVIEW: Bright Spots In UK Growth Outlook-ONS's Fitzner)

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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