Euro zone inflation has been easing since peaking at 10.6% in October, and the latest figure is slightly below what most economists had expected
Inflation in the 20 countries that use the euro currency slowed to the lowest level in a year as energy prices dropped, but food costs were still on the rise, keeping pressure on the European Central Bank to hike interest rates further.
Economists looked beyond the headline number to focus on so-called core inflation, which increased to a record 5.7 per cent from 5.6 per cent the previous month. Core inflation, which excludes volatile food and energy prices, can give a better sense of whether inflation is becoming entrenched in the economy over the longer term.
Central bankers’ jobs have become more complex after the collapse of two U.S. banks, including Silicon Valley Bank, were sparked in part by rapid interest rate rises aimed at taming inflation. The ensuing global financial turmoil forced the takeover of troubled Swiss lender Credit Suisse by rival UBS and raised concerns about the fallout in already-weak major economies.
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