$GBIRYY -U.K Inflation Rate (December/2024)
GBIRYY December/2024
source: Office for National Statistics
-Annual inflation rate in the UK unexpectedly edged lower to 2.5% in December 2024 from 2.6% in November, below forecasts of 2.6%. However, it matched the BoE's forecast from early November.
Prices slowed for restaurants and hotels (3.4%, the lowest since July 2021 vs 4%), mainly due to a 1.9% fall in prices of hotels.
Inflation also slowed for recreation and communication (3.4% vs 3.6%) and services (4.4%, the lowest since March 2022 vs 5) and steadied for food and non-alcoholic beverages (at 2%). Meanwhile, prices decreased less for transport (-0.6% vs -0.9%) as upward effects from motor fuels and second-hand cars (1%) partially offset a downward effect from air fare (-26%).
Also, prices rose slightly more for housing and utilities (3.1% vs 3%). Compared to November, the CPI rose 0.3%, above 0.1% in the previous period but below forecasts of 0.4%.
The annual core inflation rate also declined to 3.2% from 3.5% and the monthly rate went up to 0.3%, below forecasts of 0.5%.
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