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Inflation highest for two years
Inflation is at its highest level since July 2014. Under the Retail Prices Index (RPI) — the measure favoured by union negotiators — the annual inflation rate was up to 2.5% in December from 2.2% the previous month.
Under the Consumer Prices Index — the government’s preferred measure — the annual rate of inflation was up to 1.6% from 1.2%.