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Inflation is on the rebound in Europe

Inflation in the countries that use the euro rose to 2.9 percent in December, but the underlying rate continued a downward trend.

Eurozone inflation increased in December, official data showed Friday, breaking seven months of falls and leaving analysts divided over when the European Central Bank would start to cut interest rates.

Prices rise 2.9 percent in December over the prior year, up from 2.4 percent in November yet well below the recent peak of 10.6 percent in October 2022.

Euro area consumer price inflation rose in December, mainly due to the energy-related base effects, while the core measure remained strong despite slowing slightly, underpinning the European Central Bank's policy stance that it is too early to think of interest rate cuts as there is more work to be done to bring price growth to the 2.

Eurozone inflation accelerated again in December for the first time since September, with consumer prices up 2.9% on the year, according to an initial estimate from Eurostat on Friday. The European Union's statistical authority put annual inflation in November at 2.4%, the lowest level since the summer of 2021. Analysts had expected the December rise. On a month-on-month basis, the December rate came in at 0.2%. The trend seemed to bolster the European Central Bank's position that it i...

Bottles of wine are on display at a supermarket in Brussels, Belgium, on May 31, 2024. (Xinhua/Zhao

Employment rates in OECD countries remain resilient, especially in Europe, where record highs have been recorded despite central banks’ monetary tightening to stem inflation. Labour shortages continue to challenge businesses, averting wide layoffs. The number of people employed has risen, but the average hours worked have not corresponded.

Pound to Euro Outlook: GBP/EUR Exchange Rate Narrow as Eurozone Inflation Cools