European inflation has gone up

HICP inflation in the euro area rose to 2.9 percent y/y in December 2023, up from 2.4 percent y/y in November, according to preliminary data from the European Union's statistical office, Eurostat. In monthly terms, inflation rose by 0.2 percent.

Taking into account the main components of inflation in the euro area, food, alcohol, and tobacco are expected to have the highest annual rate in December (6.1 percent, compared to 6.9 percent in November), followed by services (4 percent, unchanged from November), non-energy industrial goods (2.5 percent, compared to 2.9 percent in November), and energy (-6.7 percent, compared to -11.5 percent in November).

The market consensus was 3 percent y/y.

(ISBnews)