CPI inflation unexpectedly rose in December for the first time since February 2023

UK annual CPI inflation rate, %

12%

8

Bank of England’s

target rate 2%

4

0

-4

2014

2016

2018

2020

2022

12%

8

4

Bank of England’s

target rate 2%

0

-4

2014

2016

2018

2020

2022

Guardian graphic. Source: ONS. Consumer price inflation, UK: December 2023