The Eurozone inflation in December reached 1.1%, according to preliminary data of Eurostat. The consumer price index accelerated in the year-end after in November the growth of consumer prices was within 0.6%. This is the highest inflation rate since September 2013 and quite above the market expectations of 1%.
The calculations of the statistical agency of the EU suggest that the increased costs for energy have fueled inflation in the monetary union of the community. In the last month of the year, energy prices were up by 2.5% yoy. For comparison in November was recorded a drop of 1.1%.
Services sector recorded growth by 1.2 in December, while food, alcoholic beverages and tobacco prices grew by also 1.2%.
The final data on the movement of consumer prices in the Eurozone in December will be published on January 18. Then Eurostat will communicate and inflation data across the EU for the last month of 2016.
Even the increase in inflation to be confirmed, it is still below the target level of 2% set by the European Central Bank (ECB).