Eurozone food prices continue to rise

Eurozone annual inflation fell to 8.5% for the third month in a row in January from 9.2% in December, but food prices continued to rise last month.

The decline in inflation was due to the stability of energy prices, according to the statistical agency “Eurostat” today, Wednesday.

Experts polled by Facttest expected average consumer prices to rise by 9% in January 2023. Inflation peaked in October 2023 at 10.6%.

The slowdown in inflation last month is mainly due to a less sharp increase in prices in the energy sector (electricity, gas, oil), as last year’s prices against which comparisons are made were already very high.

The data also showed that food prices (including alcoholic beverages and tobacco) continued to rise, reaching 14.1% in January 2023, up from 13.8% in December.

This also applies to prices for manufactured goods, which rose by 6.9% year on year, up 0.5% from December.

Source: AFP.