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.