UK inflation has increased unexpectedly and for the first time since February 2022

17.01.2024 - 11:52 manchestereveningnews.co.uk

The rate of inflation has soared unexpectedly for the first time since February last year, according to the latest figures. The Office for National Statistics (ONS) said the rate of Consumer Price Index (CPI) inflation rose to 4 per cent in December, an increase from 3.9 per cent in November.

Most economists initially expected the rate to go lower to 3.8 per cent. Rises in tobacco and alcohol prices seem to be the major driving force behind the figures.

Prices for these products hit their highest peak of more than 31 years last month, at 12.8 per cent. Try MEN Premium now for FREE...

just click here to give it a go. Grant Fitzner, ONS chief economist, said: “The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently-introduced duty increases.

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