The UK’s Consumer Price Index (CPI), which measures inflation, rose to 3.0% year-on-year in November, according to data released by the Office for National Statistics (ONS) on Wednesday morning, February 18. This compares to a 3.4% increase in December, matching market expectations and marking the slowest pace of growth since March 2025.

On a monthly basis, the CPI rose by 0.5% in January, compared to a 0.1% decrease in December.

The core CPI, which excludes food, energy, alcohol, and tobacco prices, rose to 3.1% in January from 3.2% in December (expected at 3%).

Around the breakdown of the index, the biggest impact came from fuel prices, with the average price of petrol falling by 3.1 pence. Transport prices rose by 2.7% after a 4% decrease in December, while food and non-alcoholic beverage prices rose by 3.6%, compared to 4.5% in December. Airfare prices also declined after rising in December.