Groceries are getting more expensive across the board across the eurozone. According to the European statistical agency Eurostat, inflation has on average recently decreased, due to the drop in gas and petrol prices. But particularly for food, beverages and tobacco, prices are rising faster than before.
In December, inflation in the Eurozone was 9.2 percent year-on-year. This means that the rate of price increase has slowed slightly from a month earlier. In November, the price level rose by 10.1%. This trend is comparable to the development Statistics Netherlands reported earlier in the day for inflation in the Netherlands.
But food, drinks and tobacco were on average 13.8% more expensive in the eurozone in December than in the last month of 2021. In November, there was still a 13.6% increase over the previous year. Importantly, for many products, retailers may not have passed on all cost increases yet and did so in December. Companies may also have used the busy holiday season to drive up prices and boost their profit margins.
Differences between countries
There are big differences between countries, notes Eurostat. For example, inflation in Spain in December was only 5.6% according to the European measurement method, while Latvia had an inflation rate of 20.7%. The Netherlands was positioned in the middle with 11 percent, although our country belonged to the group of euro countries where prices rose fastest.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
