The rate of inflation dropped slightly in December, figures released on Wednesday morning have shown. The Office for National Statistics (ONS) said that the Consumer Prices Index descreased to 10.5% in December compared to 10.7% in November.
The fall in the price of petrol and diesel was noted as a factor, although other transport costs increased, said the ONS. The figure is still high and well above the Bank of England's 2% target.
Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: "Inflation eased slightly in December, although still at a very high level, with overall prices rising strongly during the last year as a whole. Prices at the pump fell notably in December, with the cost of clothing also dropping back slightly.
