Inflation in the eurozone accelerated in December for the first time since April

According to the final data from Eurostat, in December 2023, consumer prices in the eurozone increased by 2.9% compared to December of the previous year.

In November, the indicator was fixed at 2.4%. The increase in inflation was marked for the first time since April last year. The final estimate coincided with the preliminary and consensus forecast of analysts.

The decline in energy prices in December slowed to 6.7% YoY from 11.5% in November, while inflation in the service sector remained at 4%.

The cost of food, alcohol and tobacco products increased by 6.1% (6.9% in November). Industrial products rose in price by 2.5%, which is also a decrease from 2.9% in the previous month.

Core inflation (CPI Core index, price growth excluding food and energy costs) slowed to 3.4% in December from 3.6% in November, reaching the lowest level since March 2022.

On a monthly basis, consumer prices in the eurozone increased by 0.2% in December compared with November, when they fell by 0.6%.