(Eurostat) Inflation is estimated to have jumped to an annual 5.1% rate in January 2022, more than the projected decline to 4.4% and above December’s rate of 5.0%.
Energy was the leading contributor to annual inflation, with a rate of 28.6%, up from 25.9% in December.
Food, alcohol, and tobacco recorded annual inflation of 3.6%, up from 3.2% in December. Services saw a 2.4% inflation, the same as December, while non-energy industrial goods eased to 2.3%, from 2.9% the previous month.
The high consumer prices now add pressure to the European Central Bank to twerk policy ahead of its meeting on Thursday, despite the officials saying the inflation rise is temporary and will ease on its own.
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