UK Inflation Rises Unexpectedly to 4% in December 2023

The unexpected increase, largely driven by a tax hike on tobacco and higher alcohol prices, dampens hopes of an early interest rate cut by the Bank of England.

• UK inflation rose to 4% in December 2023, up from 3.9% in November, marking the first increase since February 2023.
• The rise in inflation was largely driven by a tax hike on tobacco in November, as well as higher alcohol prices and air fares.
• The unexpected increase in inflation has dampened hopes of an early interest rate cut by the Bank of England.
• Despite the rise, economists predict that inflation will drop sharply over the coming months.
• Concerns are growing over the impact of the Red Sea shipping attacks on prices, which could potentially push up the cost of oil, gas and goods.

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