European Union inflation rises again today

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:

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'.