Inflation in the eurozone climbed to 2.9% in December, up from 2.4% in November but below estimates of 3%. Core inflation, which excludes energy, food, alcohol and tobacco, cooled to 3.4% last month from 3.6% previously. The headline rise was expected due to base effects as last year's energy price falls moderate. Energy prices fell 6.7% year-on-year in December versus 11.5% in November. The data will add to debates around the ECB's policy direction, with markets expecting rate cuts this summer.