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UK annual inflation slows further in December 2018

The annual rate of inflation in the U.K. eased further to 2.1% in December 2018 from 2.3% in the previous month, data from the Office for National Statistics showed.

The Econoday consensus forecast was for a 2.2% annual rise in consumer prices in December 2018.

Prices dropped mainly due to declining oil prices, with airfares also dragging down the inflation rate, said Mike Hardie, head of inflation at the ONS. Meanwhile, seasonal prices rose less than they did last year.

However, hotel prices and mobile phone charges rose.

The inflation rate is a little more than the Bank of England's 2% target.

Core inflation, which excludes energy, food, alcoholic beverages and tobacco, rose to 1.9% from 1.8%.

Separately, producer price inflation eased to 2.5% on the year to December 2018 from 3.0% in the previous month. In addition, average house prices in the U.K. increased by 2.8% in the year to November 2018, following a rise of 2.7% in October 2018.