Inflation ticked up last month for the first time in nearly a year, official figures show, in a blow to hopes that the Bank of England will begin cutting interest rates in the coming months. The consumer prices index (CPI) rose to 4pc in December, according to the Office for National Statistics (ONS). The rate of inflation increased from 3.9pc in November and was higher than the 3.8pc that had been predicted by economists. It was the first time inflation has risen since February last year. ONS chief economist Grant Fitzner said the uptick in inflation was a result of “rises in tobacco prices due to recently introduced duty…
