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UK inflation rate falls slightly UK inflation rate drops back to 3%
(35 minutes later)
The inflation rate dropped to 3% in December from November's six-year high of 3.1% - the first fall since June. The UK's inflation rate has fallen for the first time since June, mainly due to the impact of air fares.
The Office for National Statistics (ONS) said growth in food prices slowed during the month and airline fares rose less strongly than a year earlier. The inflation rate dipped to 3% in December, down from November's rate of 3.1% - a six-year high.
However, the ONS said it was too early to say whether the fall was the start of a long-term reduction in the rate. The Office for National Statistics (ONS) said that while air fares rose last month, it had a smaller impact than at the same point in 2016.
The Bank of England has said it thinks inflation peaked at the end of 2017 and will fall back to 2% this year. The ONS added it was too early to say if this was the start of a longer-term reduction in the rate of inflation.
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. The Bank of England has said it thinks inflation peaked at the end of 2017 and will fall back to its target of 2% this year.
You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on Twitter to get the latest alerts. In November, the Bank's Monetary Policy Committee (MPC) raised its key interest rate for the first time in more than a decade from 0.25% to 0.5%.
But Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "The continued weakness of underlying price pressures means that the MPC has little need to rush the next rate hike."