The U.K. inflation rate jumped in December by the most since records began in 1997, posing a challenge to policy makers as they consider when to start raising interest rates. Consumer prices climbed 2.9 percent from a year earlier, 1 percentage point more than in November, the Office for National Statistics said on Tuesday. The rate rose after oil prices jumped and 2008 cuts in sales tax and retail prices weren't repeated. The pound extended gains after the release. The rise caused the pound rise to a four-month high against the euro, and two-year gilt yields jumped the most since November.
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