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Eurozone Closes 2021 With Record-High 5.0% Inflation

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Euro Salvage

The euro area’s annual inflation for the month of December climbed at a record-high 5.0%, while prices in the European Union climbed by 5.3%.

Source: Eurostat

EZU is up 0.12%, while VGK is flat premarket.

Annual inflation in the euro area posted the highest on record, up from 4.9% in November and -0.3% the same month the previous year. This is in line with the preliminary figures reported earlier in January.

Annual inflation in the European Union clocked in at 5.3%, up from the 5.2% recorded in the previous month and the 0.3% in December 2020. The highest rates were recorded in Estonia with 12.0%, Lithuania with 10.7%, and Poland with 8.0%.

The biggest driver for the annual euro area inflation rate was energy with 2.46 percentage points, followed by services with 1.02 percentage points, non-energy industrial goods with 0.7 percentage points, and food, alcohol, and tobacco with 0.71 percentage points.

In terms of food, processed food contributed 0.47 percentage food while unprocessed food accounted for 0.23 percentage points.

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