CPI hit 3 per cent in December
The UK’s inflation rate has fallen for the first time since June — falling to 3 per cent in December, down from 3.1 per cent in November.
The Office for National Statistics (ONS) reported that a weaker increase in air fares compared to the same month in 2016 also contributed to the 0.1 per cent fall in consumer price inflation from 3.1 per cent in November.
The downward effect in December came “mainly from air fares, along with a fall in the prices of a range of recreational goods, particularly games and toys”, ONS said, adding: “As is usually the case in December, air fares rose sharply, with the increase being of a similar magnitude to the previous year.”
The ONS also said it was too early to say whether this was the start of a longer-term reduction in the rate of inflation.
“It remains too early to say whether today’s slight fall is the start of any longer-term reduction in the rate of inflation,” said James Tucker of the ONS.