January 17, 2024

The euro area’s annual inflation rate was 2.4% in December 2024, up from 2.2% in November. A year ago, the rate was 2.9%. Annual inflation in the European Union rose to 2.7% in December 2024, from 2.5% in November. A year earlier, the rate was 3.4%.

Ireland had the lowest yearly rates (1.0%), followed by Italy (1.4%), Finland, Sweden and Luxembourg (all 1.6%). The highest annual rates were found in Romania (5.5%), Hungary (4.8%), and Croatia (4.5%). Compared to November 2024, annual inflation declined in seven Member States, held stable in one, and increased in nineteen.

In December 2024, services contributed the most to the annual euro area inflation rate (+1.78 percentage points), followed by food, alcohol, and tobacco (+0.51 pp), non-energy industrial goods (+0.13 pp), and energy (+0.01 pp).

(Source: Eurostat)

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