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The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index rose to 0.2% year-on-year in December from 0.1% in November, in line with expectations. It was the highest reading since January 2015.
The rise was driven by an increase in air fares, which climbed 46% in December. It was the highest rise since 2002.
On a monthly basis, U.K. consumer prices increased 0.1% in December, beating expectations for a flat reading, after a flat reading in November.
Consumer price inflation excluding food, energy, alcohol and tobacco prices climbed to 1.4% year-on-year in December from 1.2% in November, beating expectations for a 1.2% gain.
The Retail Prices Index climbed to 1.2% year-on-year in December from 1.1% in November, exceeding expectations for an increase to 1.1%.
In 2015 as a whole, consumer price inflation was 0%, down from 1.5% in 2014. It was the lowest level since 1950.
The consumer price inflation is below the Bank of England's 2% target.
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