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Financial News: Eurozone Inflation Rises In December

Eurozone Inflation Rises In December

01/17/2024 - 05:58:00 (RTTNews)

(RTTNews) - Eurozone inflation accelerated in December after slowing for seven straight months but core inflation continued its downward trend as initially estimated.

Confirming the initial estimate, data from Eurostat showed that consumer prices rose 2.9 percent year-on-year following a 2.4 percent increase in November. The rate accelerated for the first time since May.

By contrast, core inflation, which excludes prices of energy, food, and alcohol and tobacco, softened to 3.4 percent from 3.6 percent. The rate came in line with preliminary estimate published on January 5.

Compared to the previous month, consumer prices rose 0.2 percent in December, as initially estimated.

Food, alcohol and tobacco prices posted a slower growth of 6.1 percent, following a 6.9 percent gain. At the same time, the decline in energy prices slowed to 6.7 percent from 11.5 percent.

Cost of services posted a steady growth of 4.0 percent and non-energy industrial goods prices moved up 2.5 percent, weaker than November's 2.9 percent rise.

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