Eurostat: Annual Inflation in the Eurozone Fell to 8.5% in January

World » EU | February 1, 2023, Wednesday // 17:24
Bulgaria: Eurostat: Annual Inflation in the Eurozone Fell to 8.5% in January @Wikimedia Commons

Annual inflation in the Eurozone fell to 8.5% in January, according to Eurostat's preliminary data. This is the third month in a row that inflation has slowed.

The data comes ahead of the European Central Bank's first key meeting of the year. Later in the day, the Federal Reserve in the United States is expected to announce another interest rate hike.

Energy prices remain a leading factor in inflation, although it is "moderating", analysts say.

The data on the price index in the 20 countries of the monetary union comes out a day before the first meeting of the European Central Bank, at which a new increase in the leading interest rates is expected.

Oxford Economics predicts that tomorrow there will be another rise of 50 basis points. In March, such a step will also be resorted to in an attempt to tame inflation. According to the experts, it is possible that there will be an interest rate increase in May, but this time by 25 basis points.

Meanwhile, the Federal Reserve is expected to announce its monetary policy later in the day. Interest rates are also expected to rise in the United States, but experts are divided on whether it will be by 25 or 50 basis points.

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Tags: Eurozone, inflation, European
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