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Financial News: Eurozone Core Inflation Rises In December

Eurozone Core Inflation Rises In December

01/18/2023 - 07:46:00 (RTTNews)

(RTTNews) - Raising scope for another aggressive rate hike in February, Eurozone core inflation accelerated in December, as estimated, while overall inflation slowed to a four-month low on energy prices, final data from Eurostat revealed Wednesday.

Core inflation that excludes energy, food, alcohol and tobacco, advanced to 5.2 percent from 5.0 percent in November. The rate came in line with the preliminary estimate published on January 6.

Meanwhile, overall consumer price inflation slowed to 9.2 percent in December, as estimated, from 10.1 in November. A year earlier, inflation was 5.0 percent. On a monthly basis, the harmonized index of consumer prices dropped 0.4 percent in December.

Earlier this month, the <a href=https://www.rttnews.com/3336749/eurozone-consumer-inflation-expectations-ease-ecb.aspx?refresh=1 target=_blank >Consumer Expectations Survey</a> from the ECB showed that consumer price inflation prediction for one-year ahead slowed to 5.0 percent from 5.4 percent.

The European Central Bank has raised rates by 250 basis points in 2022, which is the fastest pace of monetary tightening in the central bank's history, to rein in the runaway inflation.

After the <a href=https://www.rttnews.com/3332347/ecb-slows-rate-hikes-signals-more-tightening-amid-eurozone-recession.aspx target=_blank >December meeting</a>, President Christine Lagarde said there will be more interest rate hikes in future, at a steady pace.

Within overall inflation, only energy prices showed a slowdown in growth in December, data showed today. Still energy prices were up 25.5 percent, following November's 34.9 percent increase.

All other components of the harmonized index of consumer prices posted faster growth rates. Food, alcohol and tobacco prices climbed at a pace of 13.8 percent annually after rising 13.6 percent in November.

Non-energy industrial goods prices moved up 6.4 percent, faster than the 6.1 percent gain in the previous month. Services cost climbed 4.4 percent, also bigger than November's 4.2 percent increase.

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