Inflation in Europe slowed to 9.2% in December

Europe ended a bad year for inflation as prices slowed again, although inflation still rose 9.2% in December, according to data released on Friday.

European Union statistics agency Eurostat said consumer prices in 19 euro-using countries rose in December at the slowest pace since August.

This was the second straight fall in inflation since June 2021. In November, inflation fell to 10.1% after peaking at 10.6% the previous month.

Consumers across Europe have been suffering from rising energy prices since Russia’s military operation in Ukraine began in February, crippling oil and natural gas markets and becoming a major driver of inflation.

Recent data shows that energy costs are now falling. Growth in energy prices slowed to 25.7% from 34.9% in November and 41.5% in October.

Natural gas prices fell from record highs this summer as Europe largely filled its winter storage tanks with gas supplied from other countries and warmer-than-usual weather eased fears of winter shortages.

Rising food prices, another important driver of European inflation, remained fairly stable. Food, alcohol and tobacco prices rose 13.8% year-on-year in December, higher than the previous month.

Source: AP