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Inflation in the European Union bloc fell further in December; Due to the slow rise in energy prices.
According to data from Eurostat’s statistical office, prices in 19 countries that use the euro increased in 2022 at an annual rate of 9.2% in December, while in November they increased by 10.1%, while the annual inflation in the eurozone has reached a record high. 10.6% in October.
Energy inflation in the region fell to 25.7% in December, compared to 34.9% in November. The cost of food increased by 13.8% in December, compared to 13.6% the previous month Furthermore, services inflation rose to 4.4% from 4.2%. %.
Core inflation, which excludes food and energy price volatility, was 5.2% in December, up 5% from November.
Interestingly, the data will likely encourage the European Central Bank to stick to its policy of higher borrowing costs, as the central bank – which hiked interest rates sharply last year – has indicated it will continue with hikes in 2023. AD, aiming to keep inflation close to 2%.
