British inflation jumps to 1.6%

London: British annual inflation jumped in December to the highest level in two and a half years, data showed Tuesday, as a slide in sterling since the Brexit vote starts to lift costs generally.


The 12-month inflation rate hit 1.6 percent last month compared with 1.2 percent in November, the Office for National Statistics (ONS) said in a statement.

Analysts’ consensus forecast had been for a pick-up to 1.4 percent.

The December reading was the highest level since July 2014.

“Price movements for the majority of the broad groups of goods and services acted to increase the rate between November 2016 and December 2016,” the ONS said in a statement.

“The main contributors to the increase in the rate were rises in air fares and the price of food, along with prices for motor fuels, which fell by less than they did a year ago.”



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