Inflation in the UK has slightly eased going from 10.7% to 10.5% in the 12 months to December 2022.
The fall in the Consumer Price Index (CPI) was in line with city forecasts however, is still more than five times the Bank of England’s target of 2%.
Although it has reduced, the CPI figure still remains at one of the highest levels in 40 years as the cost of living crisis continues, with a peak of 11.1% recorded in October.