UK Sees Increase in December Inflation
The Office for National Statistics (ONS) reported that the Consumer Prices Index climbed to 3.4% last month, marking an uptick from November's 3.2% reading. The outcome narrowly topped economists' consensus forecast of 3.3%.
Education costs led the annual surge with a steep 7.6% increase, ONS figures revealed. Alcohol and tobacco prices followed at 5.2%, while housing expenses rose 4.9%.
Grocery costs continued their upward trajectory, with food inflation intensifying to 4.5% in December—up from 4.2% recorded in the prior month.
Month-over-month data showed prices rose 0.4% in December, a slight acceleration from November's 0.3% gain.
Transport costs drove the monthly advance at 1.3%, accompanied by furniture and household goods at 1.2%, and food prices adding 0.8%, the ONS data indicated.
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