LONDON (dpa-AFX) - UK consumer price inflation accelerated more-than-expected in December to the highest since records began in 1997, data from the Office for National Statistics revealed on Wednesday.
Consumer price inflation rose to 5.4 percent in December from 5.1 percent in November. The rate was forecast to climb to 5.2 percent.
This was the highest annual inflation rate in the National Statistic data series, which began in January 1997.
On a monthly basis, consumer prices gained 0.5 percent after climbing 0.7 percent in November. Inflation was forecast to ease to 0.3 percent.
Core inflation that excludes energy, food, alcoholic beverages and tobacco, advanced to 4.2 percent from 4.0 percent in November.
Another report from ONS showed that factory gate price inflation slowed marginally in December.
Output price inflation decreased to 9.3 percent in December from 9.4 percent in November. This was the first time the annual rate of output inflation has slowed since May 2020. Economists had forecast the rate to remain unchanged at 9.4 percent.
Month-on-month, output prices grew 0.3 percent, following November's 1.0 percent increase.
At the same time, input price inflation slowed to 13.5 percent from 15.2 percent a month ago. The rate was also below the economists' forecast of 13.7 percent.
On a monthly basis, input prices were down 0.2 percent, in contrast to the 1.5 percent increase in November.
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