Eurozone Jan inflation up for fourth consecutive month as energy costs rise
Graeme Paterson
03-Feb-2025
LONDON (ICIS)–Inflation in the eurozone rose for the fourth consecutive month in January as energy costs increased sharply from the previous month.
Annual inflation rose to 2.5% in the month, up from 2.4% in December 2024, statistics agency Eurostat said in a flash estimate on Monday.
Overall annual rate %
Oct 24 | Nov 24 | Dec 24 | Jan 25 |
2.0 | 2.2 | 2.4 | 2.5 |
Although the services sector was the main driver for the overall rise, energy costs showed the sharpest increase, rising to 1.8% in January from 0.1% in December.
Energy prices had been in contraction from August to December 2024.
Energy annual rate %
Aug 24 | Sept 24 | Oct 24 | Nov 24 | Dec 24 | Jan 25 |
-3.0 | -6.1 | -4.6 | -2.0 | 0.1 | 1.8 |
“Eurozone inflation accelerated moderately in January, as the energy component came in with some renewed pressure. Core components remain stubbornly elevated and show no signs of abating pressure soon,” advisory firm Oxford Economics said in a statement.
The European Central Bank (ECB) last week continued its rate-cutting campaign as it grappled with flat economic growth and rising inflation.
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