Inflation in the euro zone dropped for a third consecutive month in January.
Headline inflation in the euro zone came in at 8.5% in January, according to preliminary data released Wednesday.The economic indicator is being closely watched ahead of a new rate decision due out on Thursday from the European Central Bank.Inflation in the euro zone eased in the last two months of 2022 but the economic indicator is still well-above the 2% mandate of the European Central Bank.
Headline inflation in the euro zone came in at 8.5% in January, according to preliminary data released Wednesday. In December, the rate was recorded at 9.2%. Energy remained the biggest cost driver in January, but once more softened from previous levels. Energy charges fell to an estimated 17.2% in January, down from 25.5% in December. However, food costs rose slightly from 13.8% in December to 14.1% in January.
The 20-member region has gone through substantial price increases in 2022, after Russia's invasion of Ukraine pushed up energy and food costs across the bloc. However, the latest data provides further evidence that inflation has started to ease. The economic indicator is being closely watched ahead of a new rate decision due out on Thursday from the
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