UK’s inflation fell to 10.5% in December due to lower fuel prices

In December, UK inflation declined to 10.5%, representing a 2-month drop from a peak of 11.1% in October, which was mainly due to a decline in fuel prices, clothing and footwear, and recreation and culture.

In November, the Consumer Price Index fell by 10.7%, while the Consumer Price Index including owners of Homes (CPIH) fell from 9.3% in November to 9.2% last month.

Fuel prices grew by 11.5% in the year to December 2022, compared to 17.2% in November, as petrol prices dropped 8.3% in the last month.