Prices are being cut for the third consecutive month and Spain remains one of the economies with the lowest inflation
Eurozone prices fell to 8.5% in January. The data is significant as it represents a slight improvement compared to inflation recorded in December, which stood at 9.2%, according to data from the European Statistical Office (Eurostat). Spain and Luxembourg are also among the countries with the lowest inflation. This estimate comes on the eve of the meeting of the governing council of the European Central Bank (ECB), which is expected to raise interest rates again.
Eurostat estimates confirm a moderation in prices for the third consecutive month and are at their lowest level since May 2022. However, this preliminary data does not include data related to Germany, the eurozone’s main economy, due to “technical issues”. in the processing of their data.
In January, the energy price – the main driver of inflation – reached its annual maximum at 17.2%. Energy thus continues its upward trend, albeit at a slower pace than in December. Food, alcohol and tobacco also remained high at 14.1%. Meanwhile, non-energy goods recorded 6.9% and services 4.2%.
In Spain, inflation has increased by three-tenths compared to December. Still, the country, along with Luxembourg, maintains one of the lowest rates among countries with a common currency. On the other hand, the highest levels of inflation are concentrated in Latvia (21.6%), Estonia (18.8%) and Lithuania (18.4%).
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
