Financial News: Eurozone Inflation Slows Less Than Estimated

Eurozone Inflation Slows Less Than Estimated

02/23/2023 - 06:18:00 (RTTNews)

(RTTNews) - Eurozone inflation slowed less than estimated in January and remained at an elevated level, final data from Eurostat showed on Thursday.

The harmonized index of consumer prices gained 8.6 percent on a yearly basis in January, following December's 9.2 percent increase.

A similar lower rate was last seen in June 2022. Although inflation slowed for the third consecutive month in January, the rate remained elevated.

Moreover, annual inflation for January was upwardly revised from the initial estimate of 8.5 percent.

Core inflation that excludes energy, food, alcohol and tobacco, rose slightly to 5.3 percent from 5.2 percent. The January core rate was revised up from 5.2 percent.

At the February rate-setting meeting, the <a href=https://www.rttnews.com/3341430/ecb-delivers-50-bps-hike-signals-repeat-in-march.aspx?refresh=1 target=_blank >European Central Bank</a> raised its benchmark rate by 50 basis points after a 75 basis point hike in December. The bank signaled another rate increase in March in order to bring inflation back to its 2 percent medium-term target.

On a monthly basis, the HICP dropped 0.2 percent in January compared to the flash estimate of -0.4 percent.

Final data showed that there were upward revisions to food, alcohol and tobacco prices and energy prices. Energy prices grew 18.9 percent and food, alcohol and tobacco prices gained 14.1 percent.

Non-energy industrial goods posted an annual increase of 6.7 percent and cost of services climbed 4.4 percent.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

German GDP To Fall Slightly In Q1: Bundesbank (08 min(s), 37 sec(s) ago)
(RTTNews) - The German economy is likely to fall in the first quarter but the decline will be slow ...Full Story»

Major Central Banks Try To Stem Contagion After Credit Suisse Rescue (22 min(s), 37 sec(s) ago)
(RTTNews) - World's major central banks announced a joint effort to prevent the banking crisis ...Full Story»

UK House Prices Rise In March: Rightmove (37 min(s), 37 sec(s) ago)
(RTTNews) - After flattening in February, UK house prices increased in March due to a jump in the ...Full Story»

Eurozone Trade Gap Narrows In January (01 hr(s), 18 min(s), 37 sec(s) ago)
(RTTNews) - Euro area trade deficit narrowed at the start of the year as the pace of fall in impor ...Full Story»

Poland Industrial Output Contracts; Producer Price Inflation At 1-Year Low (01 hr(s), 52 min(s), 37 sec(s) ago)
(RTTNews) - Poland's industrial production declined for the first time in thirty-three months ...Full Story»

Taiwan Export Orders Continue To Fall In February (03 hr(s), 16 min(s), 37 sec(s) ago)
(RTTNews) - Taiwan's export orders continued to decline in February, data released by the Mini ...Full Story»

Germany Producer Price Inflation Eases To 15.8%, Lowest Since Sep 2021 (05 hr(s), 13 min(s), 37 sec(s) ago)
(RTTNews) - Germany's producer price inflation eased for the fifth straight month in February ...Full Story»

Malaysia Trade Surplus Shrinks To MYR 19.56 Bln (06 hr(s), 40 min(s), 37 sec(s) ago)
(RTTNews) - Malaysia's trade surplus decreased slightly in February, as imports grew faster th ...Full Story»