January 17, 2024

According to the statistical office of the European Union (Eurostat), in December 2023, the Euro area annual inflation rate was 2.9%, up from 2.4% reported in November 2023. The prior year’s rate was 9.2%. Annual inflation in the European Union was 3.4% in December 2023, up from 3.1% in November 2023. The rate was 10.4% a year earlier.

Services (+1.74 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in December, followed by food, alcohol & tobacco (+1.21 pp), non-energy industrial goods (+0.66 pp) and energy (-0.68 pp).

The highest annual inflation rates were recorded in Czechia (7.6%), Romania (7.0%) and Slovakia (6.6%), while the lowest annual rates were observed in Denmark (0.4%), Italy and Belgium (both 0.5%). Compared with November, annual inflation decreased in fifteen Member States, remained stable in one and increased in eleven.

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