UK inflation eases to 10.5 pc in Dec.’22 from 11.1pc peak

London: The United Kingdom’s (UK) inflation slowed for a second month in December 2022, but the cost-of-living crisis continued as food inflation remained record high, official figures showed on Wednesday. 

The consumer price index (CPI) rose at an annual rate of 10.5 percent in December, falling from 10.7 percent in November and a 41-year peak of 11.1 percent in October, the Office for National Statistics (ONS) said.
“Prices at the pump fell notably in December, with the cost of clothing also dropping slightly,” ONS Chief Economist Grant Fitzner said.
“However, this was offset by increases for coach and air fares as well as overnight hotel accommodation. Food costs continue to spike, with prices also rising in shops, cafes and restaurants,” he said.
The annual inflation rate for transport was 6.9 percent in December, down for a sixth consecutive month, and the main driver behind the easing came from motor fuels, the ONS said.
Food and non-alcoholic beverage prices continued to rise, up by 16.9 percent in the 12 months to December, the highest rate since 1977. The annual rate of inflation for this category has risen for 17 consecutive months.