British consumer price inflation fell to a three-month low of 10.5 percent in December, offering some comfort to the Bank of England and households, but food and drink prices continued to accelerate, rising at the fastest pace since 1977. | Reuters
Core CPI – which excludes energy, food, alcohol and tobacco, and which some economists view as a better guide to underlying inflation trends – was unchanged at 6.3 percent in December.
The Bank of England forecast in November that headline CPI would drop to around 5 percent by the end of 2023 as energy prices stabilised, but policymakers have warned of ongoing upward pressure on inflation from a tight job market and other factors. Financial markets expect the BoE to raise its main interest rate to 4 percent from 3.5 percent on Feb. 2, when it will also publish a quarterly update to its growth and inflation forecasts.Finance minister Jeremy Hunt said after the figures were released that high inflation was a “nightmare for family budgets”, hurt business investment and led to strike action.
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