The U.K. inflation rate rose to 3.4% in December, above forecasts of 3.3% from economists polled by Reuters. The inflation rate had cooled sharply to 3.2% in the twelve months of November, with the data encouraging the Bank of England to cut interest rates at its final meeting of the year last month. Core inflation, excluding energy, food, alcohol, and tobacco, stood at 3.2% in December, unchanged from November, according to the latest figures from the Office for National Statistics. “Inflation ticked up a little in December, driven partly by higher tobacco prices, following recently-introduced excise duty ... (full story)