UK inflation dipped in December for the first time in three months, according to the latest figures from the Office of National Statistics,
Prices rose 2.5% in the year to December, down from 2.6% the month before.
However, the Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 3.5% in the 12 months to December 2024, unchanged from November.
On a monthly basis, CPIH rose by 0.3% in December 2024, down from 0.4% in December 2023.
The owner occupiers’ housing costs (OOH) component of CPIH rose by 8.0% in the 12 months to December 2024, up from 7.8% in the 12 months to November.
This is the highest annual rate since February 1992 in the constructed historical series. OOH costs rose by 0.6% on the month, compared with a 0.4% increase a year earlier.