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UK inflation 2.5% in December UK inflation falls to 2.5% in December
(32 minutes later)
UK inflation fell last month but remains above the Bank of England's target. UK inflation fell slightly last month as hotel prices dipped and tobacco costs eased.
Prices rose 2.5% in the year to December, down from 2.6% the month before, the Office for National Statistics (ONS) said.Prices rose 2.5% in the year to December, down from 2.6% the month before, the Office for National Statistics (ONS) said.
The latest figures come after pressure has increased on the public finances in recent days due to government borrowing costs hitting their highest level for several years. Despite the drop, the rate of price rises remains above the Bank of England's target.
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. The latest figures come after pressure has increased on public finances in recent days due to government borrowing costs hitting their highest level for several years.
You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on X, external to get the latest alerts. The value of the pound has also slumped against the US dollar, prompting criticism of the chancellor, Rachel Reeves, over her handling of the economy and Budget tax rises.
Grant Fitzner, chief economist of the ONS, said while hotel prices had fallen last month, the price decreases were offset by the cost of fuel and second-hand cars rising.
Tobacco prices also increased by less than in December 2023, he added, which was a factor in the overall rate of inflation coming down.