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Financial News: Eurozone Inflation Turns Positive In January

Eurozone Inflation Turns Positive In January

02/03/2021 - 05:39:00 (RTTNews)

(RTTNews) - Eurozone consumer prices increased for the first time in six months in January, flash data from Eurostat showed on Thursday.

The harmonized index of consumer prices climbed 0.9 percent year-on-year in January, reversing a 0.3 percent fall in December. Economists had forecast an annual growth of 0.5 percent.

Prices increased for the first time since July, when the index was up 0.4 percent.

Excluding energy, food, alcohol and tobacco, core inflation accelerated more-than-expected to 1.4 percent from 0.2 percent. Economists had forecast a rate of 0.5 percent.

The annual increase in food, alcohol and tobacco prices rose to 1.5 percent from 1.3 percent. At the same time, energy prices dropped at a slower pace of 4.1 percent after easing 6.9 percent.

Non-energy industrial goods prices climbed 1.4 percent, in contrast to December's 0.5 percent fall. Services price cost growth increased to 1.4 percent from 0.7 percent.

On a monthly basis, the HICP gained 0.2 percent, while core prices were down 0.5 percent.

Another report from Eurostat showed that producer prices continued to decline in December. Producer prices fell 1.1 percent annually, following a 1.9 percent drop in November.

Excluding energy, producer prices edged up 0.1 percent after staying flat in November.

Month-on-month, producer price inflation doubled to 0.8 percent from 0.4 percent a month ago.

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