Europe ended a bad year for inflation with some relief as price gains eased again.
, the other big factor that's been driving up European inflation, held fairly steady. Prices for food, alcohol and tobacco rose at a 13.8% annual pace in December, a smidgen higher than the month before.amid rebounding global consumer demand after COVID-19 pandemic restrictions ended.
“It is likely that the peak in inflation is behind us now, but far more relevant for the economy and policymakers is whether inflation will structurally trend back to 2% from here on,” said Bert Colijn, senior eurozone economist at ING Bank. So-called core inflation, which excludes volatile food and energy costs, climbed to 5.2% last month from November's 5%, as prices rose for both services and goods such as clothing, appliances, cars and computers. Colijn and other economists said that means European Central Bank officials will likely roll out more interest rate hikes to get inflation back to their 2% target.
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