The European Statistics Agency says annual inflation in the eurozone has accelerated to 5% for the first time since 1991.
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Eurozone inflation accelerates to 5% for the first time since 1991
Annual inflation in Europe’s 19-nation eurozone accelerated to 5% in December, up from 4.9% in November, a level last seen in August 1991.
“The annual inflation rate in the euro area reached 5.0% in December 2021, up from 4.9% in November,” the European Union said in a statement.
The level of inflation in the euro area was It has reached its highest level Last December, energy prices rose, but inflation is expected to decline in 2022.
The index largely exceeds the European Central Bank’s target of stabilizing inflation in the eurozone at 2%. However, the European Central Bank considers the rise to 5% to be temporary, and is expected to decline in 2023 following peaking in 2022.
The annual rise in energy prices, last December, amounted to 26 percent, according to the European statistical agency “Eurostat”.