The latest data has raised expectations that the Bank of England could cut UK interest rates again next month.

Services inflation fell from 5 per cent to 4.4 per cent. This is a figure watched closely by the Bank when deciding whether to cut interest rates or not. The largest downward contribution to inflation rates came from restaurants and hotels which fell to 3.4 per cent, down from 4 per cent in November.

The latest figures from the ONS show UK inflation fell to 2.5% for December 2024 from 2.6% in November. This follows a period where inflation hit a 41-year high of 11.1% in October 2022, largely due to global supply chain issues, soaring energy prices after the Russian invasion of Ukraine, and the effects of COVID lockdowns.

The rate of Consumer Prices Index (CPI) inflation is expected to have come in at 2.6% last month, unchanged from November, according to a consensus of analysts provided by Pantheon Macroeconomics. The Office for National Statistics will publish the latest ...

Inflation in the U.K. unexpectedly fell in December, a move that will likely fuel pressure on the Bank of England to cut interest rates again next month

THE UK’s rate of inflation has slowed in a boost for the government – we reveal what it means for your money. The Office for National Statistics (ONS) said the Price Index

The rise in the inflation rate means higher product prices and a fall in the purchasing power of money. When general prices rise during inflation, but the value of money stays the same, households can buy fewer goods for the same monetary sum.

There are many savings accounts that can beat inflation. In fact as of the start of this week, there were 797 accounts paying rates of above 4 per cent, according to Moneyfacts. Here are the best paying savings accounts on the market at the moment.

The rate is still well above the Bank of England’s target of 2% but could open the door to another interest rate cut next month

In November, the Consumer Prices Index (CPI) came in at 2.6 per cent, where petrol, train travel, and live entertainment pushed up prices.

Rachel Reeves has found brief respite this morning, with the Office for National Statistics confirming that inflation dipped to 2.5 per cent in the 12 months to December, down from

UK inflation marginally fell in the year to December but remained stubbornly above the Bank of England' s 2% target. Consumer Prices Index (CPI) inflation rose to 2.5% in the 12 months to December, down from 2.6% the previous month, the Office for National Statistics (ONS) has said.