Eurozone inflation reached 5% in December

Eurostat reported the highest grade of inflation since July 1991 in the euro area in December. Its value rose the previous month to 5% from 4.9% in the previous month, as economists predicted. Compared to November, consumer prices in the countries of the currency bloc increased by 0.4%. The annual inflation indicator, which does not include prices for food, alcoholic beverages, and energy, repeated the value of the previous month, amounting to 2.6%. Food, tobacco, and alcohol rose in price by 3.2% in the past month of the year, faster than in November, when their prices rose by 2.2%. The cost of energy jumped 25.9%, but the growth pace was slower than November’s 27.5% increase. Services’ price rose by 2.4%. According to Eurostat, the EU inflation reached 5.3% in December, accelerating against 5.2% a month earlier. The maximum inflation rate was recorded in Estonia, which amounted to 12%. At the same time, prices in Malta grew at the lowest annual rate, increasing by 2.6%.

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Arseny Kudrin

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