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Saturday, February 4, 2023

Eurozone inflation rose less than expected in December

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Excluding energy and food unprocessed—the so-called inflation”underlying“, which tries to eliminate the distortions caused by the high volatility of said components—, prices rose 6.9% in Decemberfor above expected by the market, after an increase of 6.6% in November. The Reuters poll of economists had forecast year-on-year core inflation of 6.5%.

Its about second month of slowdown in inflation after reaching its all-time high of 10.6% year-on-year in October.

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The decline is stronger than what analysts at Bloomberg and Factset had anticipated, who had forecast inflation of 9.5% and 9.7%, respectively, in December.

The brake on the skyrocketing prices is given only to the sector of the Energy (electricity, gas and oil).

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This component is still the one that registers the highest annual rate of price increase in Decemberbut decreases sharply to 25.7%, after 34.9% in Novemberaccording to Eurostat.

The increase in the prices of food (including alcohol and tobacco) continues, with a annual increase of 13.8%, compared to 13.6% in the previous month.

The rise in rates for industrial goods It also keeps getting worse up to 6.4% (+0.3 points compared to November), such as that of the servicesuntil the 4.4% (+0.2 points).

Between the 19 euro zone countries -Croatia became the 20th country to join the single currency in January-, the lowest inflation rate was recorded in Spain in December, with a 5.6%in front of Luxembourg (6.2%) and France (6.7%).

The increase in consumer prices reached 9.6% in Germany and the 12.3% in Italy.

The Baltics –Latvia (20.7%), Lithuania (20%) and Estonia (17.5%)– recorded the higher percentagesaccording to Eurostat data.

Source: Ambito

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