16.01.201805:04:00UTC+00UK Inflation Slows In December

Corrected last paragraph

UK inflation slowed slightly largely on air fares in December, data from the Office for National Statistics showed Tuesday.

Inflation eased to 3 percent in December from 3.1 percent in November. The rate came in line with expectations.

The 3.1 percent logged in November was the fastest since early 2012. The central bank targets 2 percent inflation.

Month-on-month, consumer prices advanced 0.4 percent, as expected, in December.

Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 2.5 percent in December from 2.7 percent in November. Inflation was forecast to slow to 2.6 percent.

Including owner occupiers' housing costs, inflation came in at 2.7 percent in December versus 2.8 percent in the previous month.

Another report from ONS showed that output price inflation accelerated to 3.3 percent in December from 3.1 percent in November.

Month-on-month, output prices climbed 0.4 percent, the same rate as seen in November.

Meanwhile, input price inflation eased sharply to 4.9 percent in December from 7.3 percent in November.

On a monthly basis, input prices edged up 0.1 percent, much slower than November's 1.6 percent increase. Prices have been rising since August.