UK inflation rate drops to 3%

The UK's inflation rate has fallen for the first time since June.

The inflation rate as measured by the Consumer Prices Index dipped to 3% in December, down from November's rate of 3.1% according to the Office for National Statistics (ONS).

ONS said it was too early to say whether this was the start of a longer-term reduction in the rate of inflation.

The Bank of England has said it thinks inflation peaked at the end of 2017 and will fall back to its target of 2% this year.

The rate had been rising over the past year, partly due to the fall in the value of the pound since the Brexit vote which has pushed up the cost of imported goods. That appears to have been a once-and-for-all increase which is beginning to work its' way out of the figures.

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