By Ed FranklU.K. consumer prices accelerated unexpectedly in December, driven by new taxes on tobacco products, and likely pushing out calls for rate cuts at the Bank of England. Economists polled by The Wall Street Journal expected inflation to ease to 3.8%. The largest upward contribution to the monthly change in inflation came from tobacco, after the government announced higher taxes in its most recent budget statement. Write to Ed Frankl at edward.frankl@wsj.comThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires01-17-24 0222ETCopyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal January 17, 2024 10:37 UTC