Eurozone inflation dips slightly for second straight month

Inflation for the 19 countries using the euro stood at 9.2% year-on-year in December 2022, with the slower rate of increase attributable in no small part to energy prices easing off from their summer and autumn peaks.

Report informs via foreign media that inflation for the eurozone peaked in October 2022 at 10.6%, dipped to 10.1% in November and now to 9.2% — the lowest it has been since August.

In December, energy prices in the eurozone were 25.7% higher than the same month the previous year — more than double the aggregate rate of inflation. However, in November they were 34.9% higher and in October 41.5% higher.

Eurostat posted an increase in the price of food, alcohol and tobacco (from 13.6% in November to 13.8% in December). Prices for other consumer goods in December increased by 5.2% in annual terms - compared with November, consumer prices for the past month decreased by 0.3%.

The inflation target of the European Central Bank (ECB) is 2%. On December 15, the ECB raised its base rate to 2.5% for the fourth time in a row.