The core consumer price index in the eurozone accelerated in January, despite the decline in the general inflation level in the European bloc over the past three months.
Data from the European Statistics Authority, Eurostat, showed, on Thursday, that the core consumer price index, which excludes food and energy, accelerated to 5.3 percent, higher than expectations that it would remain unchanged from December’s level, at 5.2 percent.
Eurostat data also revised the level of the annual consumer price index in January, up to 8.6 percent, in line with expectations, instead of the rate announced in the first reading at 8.5 percent.
And in mid-December, the European Central Bank raised interest rates by 50 basis points, in line with expectations, indicating that it expects to increase interest rates more widely in the coming period.
The European Central Bank raised interest rates by 50 basis points in early February, at its first meeting this year, after raising them by 250 basis points last year, the fastest rate of rate increases ever, in order to curb inflation, which rose to its highest level in nearly 40 years. Background of rising energy prices and the Russian-Ukrainian crisis.
In statements last month, European Central Bank President Christine Lagarde said that the European Central Bank would continue to raise interest rates, at a steady pace, until they reached the appropriate level to control inflation, and lowered it to the target level of 2 percent.
