UK Inflation Rate for December 2023: What the Latest Data Reveals

What’s been happening with inflation? Dearbail Jordan Senior business and economics reporter It’s a mixed picture. The last set of figures the ONS released showed that the Consumer Price Index (CPI) measure of inflation slowed to 3.2% in the year to November, down from 3.6% in the 12 months to October. That is far below the frankly terrifying levels we saw in 2022 after Russia launched its full-scale invasion of Ukraine and oil prices soared, sending the inflation rate to a 40-year high of 11.1%. But just because inflation has eased, it doesn’t mean prices are falling - they’re still going up, just at a slower pace. Latest UK inflation rate set to be released The latest report on inflation, which tells whether prices are rising more slowly or more quickly across the UK, are set to be released in the next hour. Economists from Pantheon Macroeconomics expect the rate of inflation to rise slightly, to 3.3% in the year to December, up from 3.2% in the year to November due in part to an increase in tobacco duties. The Office for National Statistics will publish the latest figures at 07:00 GMT, and we will bring you updates as well as analysis from our experts, including what it means for you.