Mubasher: The UK’s consumer price index (CPI) slowed in December, but remained above the Bank of England’s target of 2%.

The inflation index recorded 3.0% in December on an annual basis, down from 3.1% in November, the data released by the Office for National Statistics (ONS) showed on Tuesday.

The figure matched the economists’ forecasts of 3.0%.

Core prices also cooled in December to 2.5% year-on-year, compared with 2.7% in November, and forecasts of 2.6%.

By 10:03 am GMT, the GBP/USD pair decreased by 0.19% to $1.3766, but kept near 18-month highs.