Europe's inflation rate dipped at the start of the year, giving some relief to consumers but still leaving them facing higher prices. The consumer price index for the 20 countries that use the euro currency fell to 8.5 per cent in January from a year earlier, European Union statistics agency Eurostat said Wednesday. That's after annual inflation hit 9.2 per cent in December.
Europe's inflation rate dipped at the start of the year, giving some relief to consumers but still leaving them facing higher prices.
It's the first report on consumer prices that includes data from Croatia, which joined the eurozone on Jan. 1. Inflation in Europe has now slowed for the third month in a row, falling from a record high of 10.6% in October. Russia's war in Ukraine has shaken up food and energy markets, and while commodity prices have fallen from all-time highs last year, consumers are not yet seeing relief on their utility and grocery bills.
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