UK inflation drops slightly to 10.5% in December

Drop in fuel prices

UK inflation fell slightly to 10.5% in December, representing a two month drop from a peak of 11.1% in October.

The consumer price index fell from 10.7% in November, while the consumer price index including owner occupiers' housing (CPIH) fell from 9.3% in November to 9.2% last month, data from the Office for National Statistics revealed. The drop was mainly due to a decline in fuel prices, while also being helped by a drop in clothing and footwear, and recreation and culture. US inflation figures provide 'enormous relief' but uncertainty over Fed action remains Fuel prices rose 11.5% in the year to December 2022, compared to 17.2% in the year to November, as petrol prices dropped 8.3% i...