U-turn as UK’s rate of inflation goes back up

The rate of inflation rose to 4% in December from 3.9% in November, the Office for National Statistics said. Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: “The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently introduced duty increases.
“These were partially offset by falling food inflation, where prices still rose but at a much lower rate than this time last year.
“Meanwhile, the prices of goods leaving factories are little changed over the last few months while the costs of raw materials remain lower than a year ago.” Chancellor Jeremy …