Disinflation resumed in December with consumer prices surprising to the downside. Headline and core both registered a 1.3% y/y gain, a decline from 1.5% and 1.7% respectively in November. In constant tax terms the decline was a little faster. On the producer price side there is scant evidence of any inflationary pressure. Although headline output prices edged up, core output prices - which are more closely correlated with CPI - ticked a little lower.