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Inflation in the eurozone slowed to 2.8% in January


February, 01 2024
watermark Economic news

According to Eurostat data, in January, consumer prices in the eurozone increased by 2.8% year-on-year, which means that inflation is slowing compared to December, when it was 2.9%. Analysts assumed a weakening of the price growth rate to 2.8% as well.


The decline in energy prices in January slowed to 6.3% compared with 6.7% in December, while inflation in the service sector remained at 4%. The growth in the cost of food, alcohol and tobacco products also slowed to 5.7% from 6.1%, and industrial products – to 2% from 2.5%.


Core inflation, which does not take into account the cost of food and energy (CPI Core index), slowed to 3.3% in January, which is the lowest value since March 2022. The indicator coincided with the forecasts of experts who expected a weakening of core inflation to 3.2%.


It is also important to note that consumer prices in the eurozone decreased by 0.4% last month compared to December, when they increased by 0.2%. These data indicate some price volatility, which was observed in January.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.