Eurozone inflation rises for third consecutive month, driven by rising energy, utility and food costs!
Eurozone inflation in December was 2.4%, the third consecutive month of growth, up from 2.2% in November, the highest since July.
The December figure was largely due to base effects, as annual rates are no longer factoring in the decline in energy prices seen last year.
Energy costs rose 0.1% in December, up from -2% in the previous month, making it the first positive figure since July. Services inflation also rose to 4% in December, up from 3.9% in November.
On the other hand, alcohol, food and tobacco inflation experienced a marginal decline, as the increase in prices of processed foods, as well as tobacco and alcohol, was easily offset by the decline in prices of unprocessed foods.
German inflation rose to 2.8% in December, from 2.4% in November, while French inflation rose to 1.8%, from 1.7% the previous month. Italian inflation fell to 1.4% in December, from 1.5% a month earlier.
The eurozone's annual core inflation rate rose to 2.7% in December, the same as in the previous three months, also in line with analysts' estimates. Core inflation excludes the prices of alcohol, tobacco, food and electricity, due to their volatility.
Why has German and French inflation been rising?
German inflation has been rising mainly due to higher food and service prices. In addition, energy prices have been slower to fall, making inflation worse.
France has been hit by many of the same economic factors as Germany, with rising electricity tariffs also contributing to the problem. Ongoing supply chain problems and sluggish consumer and business confidence have made market conditions more difficult.
The decline in inflation in Italy is mainly due to the decline in prices of industrial goods and services.
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