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LONDON (AP) \u2014 Inflation<\/a> in the United Kingdom rose in December for the first time in five months, pushing further above the Bank of England’s target<\/a>, according to official figures released on Wednesday.<\/p>\n The Office for National Statistics said the consumer prices index rose by an annual rate of 3.4% in December, up from 3.2% the month before. It said increases in taxes on tobacco products and trips abroad over Christmas contributed to the increase.<\/p>\n The increase was slightly lower than anticipated, with most economists predicting a rise to 3.5%. They predicted that December’s rise will be a temporary blip on a downward path toward the Bank of England’s target rate of 2%.<\/p>\n James Smith, research director at the Resolution Foundation economic think tank, said that \u201cbig falls are due in 2026, with inflation finally returning to back to more normal levels.\u201d<\/p>\n With inflation trending downwards, economists expect the Bank of England to further cut its main interest rate from the current rate of 3.75%.<\/p>\n Britain’s Labour government hopes that taming inflation and the associated reduction in borrowing costs will help bolster economic growth.<\/p>\n Elected in a landslide victory just 18 months ago, Labour has since seen its poll ratings tank badly<\/a>, partly because an uptick in growth \u2014 its number one priority in the election \u2014 has remained largely elusive.<\/p>\n Treasury chief Rachel Reeves pledged after the release of the inflation data that 2026 would be the \u201cyear that Britain turns a corner.”<\/p>\n<\/p><\/div>\n