The eurozone’s annual inflation rate rose further in December, reaching the highest printed matter ever published in July 1991, more than 30 years ago.
Consumer prices rose 5.0% year-on-year in December, after rising 4.9% in November, according to initial estimates released Friday by European Union statistics agency Eurostat. Consumer prices rose 5.0% year-on-year in July 1991, reaching a record high by December 2021.
Energy prices were the main driver of the year-on-year increase, which was slightly below the 27.5% increase registered in November, but increased by 26.0% year-on-year.
Consumer prices rose 0.4% month-on-month in December, according to Eurostat data.
The core consumer price index, which excludes the more volatile categories of food and energy, rose 2.6% year-on-year in December, after rising 2.6% last month.
Accelerating annual inflation in the euro area adds further evidence to rising global price pressure as the economy recovers from the Covid-19 pandemic amid strong consumer demand and global supply chain turmoil. To do.
Inflation appears to be above target, at least until the end of the year, but economists expect some relief from energy and commodity price pressures as supply constraints are lessened.
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Eurozone inflation reaches historic highs
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