Tuesday, March 2, 2021

More expensive services lead EU inflation to recover in January

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Prices rose 0.2% in January over the previous month and 0.9% in the annual comparison

More expensive industrial goods and services have led to a recovery in inflation on euro area in January after months of falling prices, offsetting cheaper energy, according to data released on Tuesday.

The European Union’s statistics agency, Eurostat, confirmed a previous estimate that prices in the 19 countries using the euro rose 0.2% in January over the previous month and 0.9% in the annual comparison, as expected by economists.

Volatile energy prices advanced 3.8% in the month but are still 4.2% lower than a year earlier, while unprocessed food was 1.2% more expensive in the month and 2.0% on an annual basis.

Without these two volatile components, consumer prices fell 0.3% against December and were 1.4% above January 2020.

Eurostat reported that services, which account for two-thirds of the eurozone’s economy, contributed 0.65 percentage point to the final result of annual inflation, and non-energy industrial goods totaled 0.37 point. This compensated for the 0.41 point subtraction of cheap energy.

The January recovery brings inflation a little closer to the European Central Bank’s target of below but close to 2% in the medium term.

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Prosecutor denounces former Governor Wilson Witzel for corruption and money laundering – Prime Time Zone

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More expensive services lead EU inflation to recover in January