Inflationary pressures in the Eurozone showed a slight acceleration in January, with Greece seeing a more noticeable increase. According to preliminary data from Eurostat, Greece’s Consumer Price Index (CPI) rose to 3.1% year-on-year in January, up from 2.9% in December. Monthly, however, prices in Greece decreased by 0.7%.
Across the entire Eurozone, inflation edged up marginally to 2.5% annually, from 2.4% in December (following a 2.2% rise in November). This slight uptick came despite analysts predicting inflation would remain stable at 2.4%. Every month, the index dropped by 0.3%.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
When excluding volatile food and energy prices, the underlying inflation rate in the Eurozone remained steady at 2.7% year-on-year. However, when comparing January to December, structural inflation showed a significant monthly decline of 1%.
Looking at individual components, inflation in services decreased slightly to 3.9% in January from 4%, while inflation in food, alcohol, and tobacco slowed more noticeably, falling to 2.3% from 2.6%. The price rise for non-energy goods remained steady at 0.5% annually.
Energy prices were the largest contributor to increased inflation, showing a sharp rise of 1.8% annually compared to just 0.1% in December. Monthly, energy prices rose by 2.9%.
