Eurozone inflation slows for third month in a row
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Inflation in the euro area in January amounted to 8.5% in annual terms, thus, the inflation rate is slowing down for the third month in a row. Such preliminary data published today, February 1, the European Statistical Agency (Eurostat). In December, prices in the euro area rose by 9.2%, inflation reached a maximum in recent years in October – 10.6%.
The slowdown in inflation is primarily due to a smaller increase in energy prices – they rose by 17.2% in annual terms in January against 25.5% in December. Prices for foodstuffs, alcohol and tobacco increased in January by 14.1%, for industrial goods – by 6.9%, for services – by 4.2%. According to the forecasts of the analytical company Oxford Economics, inflation peaked at the end of 2022, during 2023 the inflation rate will continue to decline.
On Tuesday Eurostat reportedthat the eurozone GDP grew in the fourth quarter by 0.1% compared with the third.
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