Annual rate of inflation slowed to 8.2% last month

The cost of consumer goods was up 8.2% in the past year, latest figures show, representing a slight drop on the previous month's increase. 

The Consumer Price Index (CPI) rose by 8.2% between December 2021 and December 2022, down from an annual increase of 8.9% in the 12 months to November 2022.

This is the fifteenth straight month where the annual increase in the CPI has been at least 5.0%.

The annual average rate for 2022 was 7.8%, the highest annual rate since 1984.

Consumer prices fell by 0.2% in the month between November 2022 and December 2022.

Inflation fell slightly in December for the first time since January of last year. The main factor was a fall in the price of petrol and diesel. The cost of home heating oil also fell last month.

The divisions with the largest decreases in the month were transport (-2.6%) and alcoholic beverages & tobacco (-0.7%).

The divisions with the largest increases in the month were furnishings, household equipment & routine household  maintenance (+1.3%) and food & non-alcoholic beverages (+1.0%).