Eurozone Inflation Drops To 9.2%

Eurozone inflation dropped for the second consecutive month in December to 9.2 percent. Russia’s invasion of Ukraine in February 2022 sent food and fuel costs soaring in the eurozone economy. The European Central Bank increased interest rates four times in 2022, and it’s currently at 2 percent. Energy costs have dropped in recent months, providing some relief to households. Natural gas traded at 72.42 euros on Friday compared to its peak price of 349.90 euros per megawatt hour in August. The ECB remains hawkish about raising interest rates, which analysts expect to rise to 3 percent this year.