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Financial News: Eurozone Inflation Sets New High

Eurozone Inflation Sets New High

01/07/2022 - 05:52:00 (RTTNews)

(RTTNews) - Eurozone's inflation accelerated further in December to set a fresh record high, defying expectations for an easing, preliminary data from Eurostat showed Friday. The consumer price index rose 5.0 percent year-on-year after a 4.9 percent increase in November. Economists had expected the figure to ease to 4.7 percent. Core inflation, which excludes prices of energy, food, alcohol & tobacco, was 2.6 percent in December, unchanged from November.

Compared to the previous month, prices rose 0.4 percent in December.

Energy continued to have the highest annual rate, thought the annual increase rate slowed to 26.0 percent from 27.5 percent. Prices in the food, alcohol & tobacco group rose 3.2 percent annually after a 2.2 percent increase in November. Prices of non-energy industrial goods rose 2.9 percent versus 2.4 percent in November. Services costs increased 2.4 percent after a 2.7 percent rise in the previous month.

Eurostat is set to release final figures for December inflation on January 20.

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