Eurozone inflation surges to 2.4 percent in December 2024, driven by energy costs
(MENAFN) The eurozone's yearly consumer inflation rate increased to 2.4 percent in December 2024, up from 2.2 percent in November, marking its highest level in five months, according to flash estimates from Eurostat released on Monday.
The rise in inflation was primarily driven by energy prices, which saw a slight 0.1 percent year-on-year increase in December, reversing the declines that had been observed since July.
Core inflation, which excludes volatile food and energy prices, remained unchanged at 2.7 percent compared to the previous month, indicating that price pressures excluding energy and food stayed relatively stable.
Services saw the largest annual inflation rise in December, with a 4 percent increase, slightly higher than November's 3.9 percent.
On a monthly basis, the eurozone consumer price index rose by 0.4 percent in December, recovering from the 0.3 percent decline recorded in November. Energy prices in the eurozone rose by 0.6 percent month-on-month, further contributing to the overall inflation increase.
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