Inflation eases slightly to 10.5%

Inflation eased slightly from 10.7% to 10.5% in December 2022, according to the latest figures from the Office for National Statistics (ONS).

Falling transport costs, particularly motor fuels, played the most significant role in this change. The inflation rate for this category fell for the sixth consecutive month to 6.9% in the year to December - the lowest rate since May 2021.

Clothing and footwear prices also contributed to the decreased inflation rate, rising by 6.4% in the year to December 2022, compared to 7.5% in November.

Meanwhile, prices at restaurants and hotels partially offset this trend, with the inflation rate increasing by 0.8% to 11.4% in the same time period.

Soaring food and soft drink costs also impacted the inflation figures, rising by 16.8% in the 12 months to December 2022 - the highest level seen since 1977.

Commenting on the figures, ONS chief economist Grant Fitzner 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.

"However, food costs continue to spike with prices also rising in shops, cafes and restaurants."

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