Consumer inflation in the Euro zone reached 2.4% in December 2024, increasing from 2.2% in November, according to the latest Eurostat figures. That compares with 2.9% back in December 2023. The broader EU posted an annual inflation rate of 2.7% in December 2024 up from 2.5% in November, and lower compared to 3.4% a year earlier.
The lowest annual inflation rates in EU Member States were: Ireland 1.0%, Italy 1.4%, Luxembourg, Finland and Sweden all 1.6%. The highest annual rate was in Romania with 5.5%, while Hungary and Poland both recorded 5.0%. Malta’s inflation rate for December was at 1.8% down from 2.1% in November.
Services and energy, increased by 0.8% and 0.7%, respectively and were the main components that have driven Euro area annual inflation in December 2024. The other significant contributors were non-energy industrial goods, food, alcohol, and tobacco at 0.4% each to the overall rate.
These figures mean a slight increase in inflation both for the Euro Area and the EU, as a result of different changes in sectoral prices.
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