Commenting on the figures, Danske Bank Economist Conor Lambe said:
“The CPI inflation rate in the UK fell slightly from 3.1 per cent in November to 3 per cent in December.
“After starting 2017 at a little under the Bank of England’s target of 2 per cent, inflation in the UK ended the year one percentage point above the target rate.
“The increase between the first and last months of the year was mainly a consequence of the sharp depreciation in sterling that followed the Brexit vote. For consumers in Northern Ireland and the rest of the UK, the squeeze on spending power throughout 2017 which was brought about by this rise in inflation, has probably been the most direct and recognisable impact of the UK’s decision to leave the EU so far.”
This comment was published in response to the December 2017 UK inflation data published by the ONS on 16th January 2018.