Eurozone core inflation hit a record high in January. The revised rate has been revised upwards from the preliminary figures, making it almost certain that the European Central Bank (ECB) will raise interest rates by another 0.5 percentage points next month.
According to the Eurozone Consumer Price Index (CPI) revised figures for January released by the European Union (EU) Statistics Office (Eurostat) on the 23rd, the core CPI, excluding items with large fluctuations such as food and energy, declined year-on-year. 5.3% increase. The preliminary figures were up 5.2%.
The headline CPI was also raised by 0.1 points, rising 8.6%.Germany’sThis is because the CPI exceeded the estimate used in the preliminary figures. Germany had postponed its January CPI release due to data processing problems.
German inflation hits five-month low in January as government aids households
Energy surges triggered by Russia’s invasion of Ukraine have hit Europe’s worst prices in decades. The latest inflation figures highlight that the effects are still lingering. The position of hawkish members of the ECB policy committee, which focuses on the core CPI as an indicator of price trends, is likely to become stronger.
January Eurozone Consumer Price Index: Revised Values (Table)
Original title:Euro-Zone Core Inflation at Record Set to Embolden ECB Hawks (2)
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