The UK consumer prices climbed by 3% on a yearly basis in December after rising by 3.1% in November, the Office for National Statistics reported. That was the first slowdown over the past six months. Month-on-month, prices edged up by 0.4% after rising by 0.3% in the previous month. Both readings matched analysts’ expectations.
Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 2.5% in December from 2.7% in November. Meanwhile, economists had predicted a 2.6% decline.
British inflation has been above the Bank of England's 2% target since February 2017. According to experts, that is mainly due to the British pound’s weakening.
