Dublin: There are signs that the Eurozone may avoid a global economic recession. Lower inflation and lower energy prices support this expectation.
This change in the euro zone was felt positively in most European countries. Consumer price growth in the eurozone slowed to 9.2% in December, down from 10.1%. Energy prices have also dropped.
France and Germany reported this week that inflation fell in December, raising hopes that Europe has passed its inflationary peak.
Ireland’s inflation rate fell to 8.2% in December from 9% in November when adjusted for consumer prices. Benefits, including government subsidies, are thought to have reached the people, contributing to the drop in inflation.
The country’s energy inflation has also decreased. It decreased from 43% in November to 34.3% in December. As a result, the price of energy fell by 6.5 percent in December.
Ireland’s inflation rate, as per Finance Minister Michael McGrath, is on the decline. Despite the fact that inflation is at a high of 8%, the minister stated that the rate of price increases is expected to slow.
Energy prices, as well as inflation, are expected to fall further in the second and third quarters of this year. In December, annualised energy inflation fell to 25.7% from 34.9% in November.
Spain has the lowest inflation rate (5.6%) among the Eurozone’s 20 countries, including Croatia. The highest rate is in Latvia (20.7%).
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