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| UK inflation rate jumps to 2.9% | UK inflation rate jumps to 2.9% |
| (about 1 hour later) | |
| UK inflation rose at its fastest annual pace for nine months in December. | UK inflation rose at its fastest annual pace for nine months in December. |
| The Office for National Statistics said Consumer Price Index (CPI) inflation rose 0.6% last month, with the annual rate up to 2.9% from 1.9% in November. | |
| That was the biggest monthly rise in the annual index since records began and exceeded the City's expectations for an increase to 2.6%. | That was the biggest monthly rise in the annual index since records began and exceeded the City's expectations for an increase to 2.6%. |
| The Retail Price Index (RPI), which includes housing costs, rose to 2.4%, its highest level since November 2008. | The Retail Price Index (RPI), which includes housing costs, rose to 2.4%, its highest level since November 2008. |
| This was a rise from 0.3% in November, and also constitutes the biggest monthly rise in the annual rate of RPI inflation since 1979. | This was a rise from 0.3% in November, and also constitutes the biggest monthly rise in the annual rate of RPI inflation since 1979. |
| Disappointed but not surprised. That's the appropriate reaction to the eye-popping 2.9% annual CPI inflation rate for December Stephanie Flanders, BBC economics editor Read Stephanie's blog | Disappointed but not surprised. That's the appropriate reaction to the eye-popping 2.9% annual CPI inflation rate for December Stephanie Flanders, BBC economics editor Read Stephanie's blog |
| The annual increase in CPI mainly came about because of a number of unusual factors that had depressed prices a year earlier. These included a near-record fall in oil prices in December 2008, the VAT cut to 15% and retail discounting, the Office for National Statistics said. | The annual increase in CPI mainly came about because of a number of unusual factors that had depressed prices a year earlier. These included a near-record fall in oil prices in December 2008, the VAT cut to 15% and retail discounting, the Office for National Statistics said. |
| Ten out of 12 sub-sectors recorded higher prices, with the biggest increases coming from transport and clothing and footwear. | Ten out of 12 sub-sectors recorded higher prices, with the biggest increases coming from transport and clothing and footwear. |
| Core CPI, which excludes food, energy, tobacco and alcohol, rose by 2.8% on the year, which is the fastest pace of growth since records began in January 1997. | Core CPI, which excludes food, energy, tobacco and alcohol, rose by 2.8% on the year, which is the fastest pace of growth since records began in January 1997. |
| INFLATION CALCULATOR Check your personal inflation rate Q&A: Understanding inflation | INFLATION CALCULATOR Check your personal inflation rate Q&A: Understanding inflation |
| The RPI and CPI measure the change in prices charged for goods and services bought by households in the UK. It is based on average spending patterns for UK households. | The RPI and CPI measure the change in prices charged for goods and services bought by households in the UK. It is based on average spending patterns for UK households. |
| The CPI does not take into account certain items that are included in the RPI. The Retail Price Index includes council tax, mortgage interest payments, buildings insurance and house depreciation. | The CPI does not take into account certain items that are included in the RPI. The Retail Price Index includes council tax, mortgage interest payments, buildings insurance and house depreciation. |