Inflation accelerated in the euro area in December, especially on the food front

In the euro area, annual inflation accelerated from 2.4 percent in November to 2.9 percent in December. The previous month’s annual increase in the consumer price index in November was the smallest since July 2021.

The annual decline in energy prices in the euro area eased to 6.7 percent in December after the 11.5 percent fall in November.

In December, the prices of food, alcoholic beverages and tobacco products rose the most year-on-year, by 6.1 percent, following the 6.9 percent increase in November. The price of services rose at an unchanged rate, by 4.0 percent after November in December as well, year-on-year.