Europe ended a bad year for inflation with some relief as price gains eased again. While the cost of living is still painfully high, the slowdown is a sign that the worst might be over for weary consumers.
The consumer price index for the 19 countries that used the euro currency rose 9.2 per cent in December from a year earlier, the slowest pace since August, the European Union statistics agency Eurostat said Friday. Croatia joined the eurozone on Jan. 1.
The latest numbers indicate that the energy crisis may be easing for now. Energy price rises slowed to 25.7 per cent, down from 34.9 per cent in November and 41.5 per cent in October. Inflation also has been worsened by bottlenecks in supplies of raw materials and parts amid rebounding global consumer demand after COVID-19 pandemic restrictions ended.
Soaring costs for energy and food have threatened a recession and fed labour unrest as wages fail to keep pace with the price rises. Across Europe, subway staff, hospital workers, train drivers, postal workers and air traffic controllers have gone on strike, threatening political turmoil.
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