Harmonized inflation declines to two-year low in December

Harmonized inflation fell to 6.6% in December, down from November’s 6.9%. December's result represented the lowest inflation rate since December 2021. That said, it remained well above the Euro area average of 2.9%. Looking at the details of the release, the slowdown was largely due to softer price growth for food and non-alcoholic beverages, and housing and utilities. That said, prices for transport grew at a sharp pace, after decreasing in November. The trend pointed down, with annual average harmonized inflation coming in at 11.1% in December (November: 11.8%). Meanwhile, consumer price inflation fell to 5.9% in December, from November’s 6.2%. Lastly, harmonized consumer prices fell 0.13% from the previous month in December, contrasting November's 0.18% rise. December's result marked the weakest reading since July.

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