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Eurozone inflation unexpectedly increased in December

Inflation in the Eurozone accelerated in December, rising contrary to expectations.

Eurozone inflation unexpectedly increased in December

According to Eurostat, inflation in the 20 countries of the Eurozone increased by 0.2% m-mo to 2.4%. Prices of unstable food and energy remained stable at 2.7% compared to the previous period, while services inflation increased to 4.0%. This growth was mainly driven by higher energy and services costs.

Unemployment rate in the region remained stable at an all-time low of 6.3% in November. However, there has been a marked slowdown in the pace of new hiring, with labor market surveys suggesting a slowdown in recent months.

The European Central Bank (ECB)'s survey showed that the inflation expectation for 3 years ahead is expected to be 2.4%, which is considerably higher than the previous survey result and targets. ECB governing council members reported that inflation is under control and close to target levels despite high energy costs.

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