European Union inflation rises again today
- Today, the European Union announces that inflation rose again in December 2023.
- Inflation was up 2.9 percent in the euro area and 3.4 percent in the EU overall.
- This is the second consecutive month of inflation rising, casting doubt on rate cuts soon.
Today, the European Commission’s Eurostat data center announced the CPI inflation readings for the month of December 2023.
In December, inflation in the Eurozone area rose by a further 2.9 percent, after rising by 2.4 percent in the November period.
The entire European Union had a higher combined inflation rate of 3.4 percent.
According to Eurostat:
The euro area annual inflation rate was 2.9 percent in December 2023… a year earlier, the rate was 9.2 percent. European Union annual inflation was 3.4 percent in December 2023, up from 3.1 percent in November. A year earlier, the rate was 10.4 percent.”
This is the second consecutive month of rising inflation, after November 2023’s figures ended a winning streak of seven months of drops in inflation in a row for the region.
According to the European Central Bank (ECB), HICP inflation in the eurozone dropped to 2.4 percent in November 2023.
This news is likely to cast even further doubt on the possibility that the ECB will cut interest rates soon. Read our article on an ECB saying that they ‘cannot imagine rate cuts just yet’.
