January 6, 2023

According to the statistical office of the European Union (Eurostat), in December 2022, the Euro area annual inflation rate is expected to be 9.2%, down from 10.1% reported in November 2022 with energy having the highest annual rate of 25.7% relative to 34.9% in November 2022.

The annual rates of the other main components of Euro area inflation are also expected to increase in December 2022. Food, alcohol & tobacco annual rate should rise to 13.8% (November 2022: 13.6%), followed by non-energy industrial goods with a rate of 6.4% (November 2022: 6.1%), and services with a rate of 4.4% (November 2022: 4.2%).

The lowest expected annual rates were observed in Spain (5.6%), Luxembourg (6.2%), and France (6.7%). The highest anticipated annual rates were recorded in Latvia (20.7%), Lithuania (20.0%) and Estonia at (17.5%).

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