Inflation in the Eurozone picked up pace in December, with consumer prices in Croatia surging almost twice as fast as the average, according to preliminary calculations by the European statistical office published on Tuesday.
The annual inflation rate in the Eurozone, measured by the Harmonized Index of Consumer Prices (HICP), reached 2.4% in December, marking an acceleration for the third consecutive month.
The trend of milder price growth ended in October, when inflation rose to 2.0%. Revised data showed a further increase to 2.2% in November.
Services and Food Lead the Way
In December, services saw the steepest price hike, up by 4%, slightly higher than the previous month. Fresh food prices rose by 1.7% compared to the same period last year, showing a significant slowdown compared to November.
Energy prices edged up by just 0.1% in December year-over-year, following declines of 2.0% in November, 4.6% in October, and 6.1% in September.
Excluding energy and fresh food, core inflation in the Eurozone stood at 2.8% in December, marginally higher than in November.
On a monthly basis, prices in the Eurozone increased by 0.4% in December, reversing a 0.3% drop from the previous month.
Croatia Tops the Charts
Croatia recorded the highest annual inflation rate among Eurozone countries in December, with prices soaring by 4.5%, up from 4.0% in November. Monthly prices increased by 0.2% after stagnating the previous month.
According to Croatia's State Statistics Bureau (DZS), consumer prices in December were 3.4% higher than in December 2023, with a monthly increase of 0.1%.
Belgium followed closely, with prices rising 4.4% year-over-year. Estonia also crossed the 4.0% mark.
Mildest Increases in Ireland and Italy
Ireland experienced the lowest inflation in the Eurozone at the end of 2024, with prices increasing by just 1%. Italy and Luxembourg followed with rises of 1.4% and 1.6%, respectively, as reported by Eurostat.