Inflation in December 2024 drops to 2.5% in the UK
Inflation in the UK has dropped to 2.5%
New figures from the Office for National Statistics (ONS) state that in December 2024, inflation rates sat at 2.5%, which is down from November’s figure of 2.6%, and the first drop in inflation in three months.
Many financial analysts thought the 2.6% inflation rate would remain unchanged through December, with the figure edging closer to the 2% target set out earlier this year.
A range of sectors can be considered responsible for the reduction in inflation. The overall price of hotels has seen a decrease, and a lower increase to price rises in hospitality businesses including cafes and restaurants has also contributed to the lower inflation.
Other common commodities including tobacco and clothing has also risen at a slower rate than previously, also contributing to the lowered inflation.
Other falls in inflation rates occurred amongst other areas, with the Retail Price Index reporting a fall in inflation from 3.6% to 3.4% in December 2024.
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Inflation in December 2024 drops to 2.5% in the UK.