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(MNI) London

Eurozone HICP rose by 0.4% in November, taking inflation to an annual rate of 5.0% in December, the highest since the birth of the euro, confirming the flash estimate released earlier in the month. That’s up from 4.9% in November, and a long way from the -0.3% reading recorded a year earlier.

Energy prices accounted for much of the acceleration, rising by 0.4% between November and December for an annual jump of 25.9%, unchanged form the earlier reading. Energy contributed 2.46 percentage points to the rate of inflation. Excluding energy, food, alcohol and tobacco, core inflation increased by 0.4%, taking the annual pace to 2.6%, in line with earlier estimates.

European Central Bank officials have downplayed the rise in eurozone inflation, stressing that volatile energy prices have accounted for much of the rise. However, services added 1.02 percentage points to inflation, rising by 0.6% between November and December for a 2.4% annual rise, down from 2.7% in November.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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