Inflation Eurozone or countries in the region Europe jumped in December 2021 to the highest level since 1997. Quoting Eurostat, inflation in the European region penetrated 5 percent.
Reported AFP, Friday (7/1), inflation in the European region rose from 4.9 percent in November 2021. This figure is far above the European central bank’s target of 2 percent.
However, the European Central Bank (ECB) believes the current high inflation trend is only temporary and will decline in 2023, after reaching a peak this year.
The spike in prices in recent months was mainly due to the extraordinary increase in gas and electricity prices.
In December, the annual increase in energy prices was 26 percent, far ahead of other products surveyed by Eurostat.
Meanwhile, prices for food, alcohol and tobacco rose by 3.2 percent, ahead of industrial goods at 2.9 percent and services at 2.4 percent.
Among the major economies, the highest increases occurred in Spain at 6.7 percent and Germany at 5.7 percent.
In contrast, prices remained more moderate in Italy and France, according to data calculated by Eurostat.
Inflation has soared in the Baltic states with the highest levels held by Estonia at 12 percent and Lithuania at 10.7 percent.
(wel/one)
– .
