The inflation rate saw a slight dip in December, falling to 3%, according to figures released by the Office of National Statistics (ONS).
Inflation in the United Kingdom fell to 3% in December 2017, down from November's 6-year high of 3.1%.
The Bank of England has said it thinks inflation peaked at the end of 2017 and will fall back to its target of 2% this year.
"This means that prices as measured by the all items CPI increased at an average rate of 0,53 percent from November 2017 to December 2017", said Zimstat.
"The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth", an RBI statement said.
While overall salary increases in India will outpace the rest of Asia-Pacific in 2018, if adjusted for inflation the raise will be much smaller and in fact lower than a year ago, according to Willis Towers Watson. A core measure of consumer-price growth slipped to a five-month low of 2.5%.
Part of the upward pressure on inflation is coming from weak productivity growth, which has plagued the United Kingdom economy since the recession.
United Kingdom inflation has dropped to three percent following the five-year-high of 3.1 percent.
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The Bank said last month that Brexit-induced inflation is "close to its peak" as it kept interest rates on hold after the first hike for a decade.
"Oil prices have risen steadily over recent months, and this is likely to feed through into inflation in due course". But because many retailers buy their stock a year or two ahead, they have only felt the impact of costlier imports in the last few months.
Economist at Ulster University, Marguerite McPeake said it is unclear whether the inflation rate will rise again in 2018.
Inflation, based on the harmonized index of consumer prices, which is calculated for European purposes, slowed to 1.6 percent from 1.8 percent in November.
In addition, higher import costs because of the collapse in the value of the pound, which has been largely responsible for driving living costs up in 2017, has fallen out of the figures. The BoE is expected to keep its key rate unchanged at 0.50 percent at its next meeting on February 8.
On month-on-month basis, the urban index rose by 0.66 per cent in December, down by 0.19 from the 0.85 per cent recorded in November, while the rural index rose by 0.54 per cent in December, down by 0.18 when compared with the 0.72 per cent in November.
Matthew Brittain, investment analyst at wealth manager Sanlam UK, said that the current level of inflation should not be cause for concern.
It comes as stubbornly low United States inflation makes many policymakers reconsider their stance on hiking rates in 2018.