January 8, 2023
1 min read

Eurozone annual inflation eases to 9.2% on lower energy prices

Eurozone inflation stood at 10.6 per cent in October, the highest level since records began in 1997. The energy price surge cooled significantly in December…reports Asian Lite News

Inflation in the eurozone is expected to have dropped for a second consecutive month in December 2022 to 9.2 per cent year-on-year, according to preliminary data published by Eurostat, the statistical office of the European Union (EU).

December’s lower inflation rate was driven mainly by moderating energy prices and actions by governments to cushion households from rising utility bills, Xinhua news agency quoted the office as saying on Friday.

Eurozone inflation stood at 10.6 per cent in October, the highest level since records began in 1997. The energy price surge cooled significantly in December.

However, Eurostat still estimated the annual energy price inflation at 25.7 per cent, compared with 34.9 per cent in November.

Food, alcohol and tobacco price inflation accelerated slightly to 13.8 per cent from 13.6 per cent a month earlier. The core inflation rate, which excludes the more volatile categories of food and energy, rose to 5.2 per cent from 5 per cent in November.

Commenting on the report, ING economist Bert Colijn said that the drop in energy inflation was the result of the price caps and the lower oil and natural gas prices.

“It is likely that the peak in inflation is behind us now, but far more relevant for the economy and policymakers is whether inflation will structurally trend back to 2 per cent from here on,” he wrote in his blog.

He expressed concern that core inflation continued to show little sign of relief, showing sizable increases for both goods and services.

“The next two months will be critical as many businesses traditionally change prices at the start of the year. It could therefore be that core inflation rises further from now,” he said.

ALSO READ: US announces biggest yet military assistance to Ukraine

Previous Story

Zoom announces human avatars to its meeting app

Next Story

Ukraine’s frontlines witness artillery fire despite ‘ceasefire’

Latest from -Top News

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Africa CDC calls for self-reliance

Data from the African Union’s specialised healthcare agency show that the continent, over the past 24 months, has witnessed an “unprecedented surge in public health emergencies,” rising from 152 disease outbreaks in

US to revoke all South Sudan visas

Trump’s administration has taken aggressive measures to ramp up immigration enforcement, including the repatriation of people deemed to be in the US illegallyThe US said on Saturday it would revoke all visas

Panama wants ‘respectful’ ties with US

The US State Department said Landau had “expressed gratitude for Panama’s cooperation in halting illegal immigration and working with the US to secure a nearly 98% decrease in illegal immigration Panama hopes
Go toTop

Don't Miss

Ready for ties with West, not for reconciliation: Lavrov

According to Lavrov, the US is sending diplomats to many

Ukraine war will last, says Macron

Macron also said the French defence council will gather on