Eurostat, the statistical office of the European Union, estimates a few moments ago that annual inflation in the eurozone rose to 2.5% in January in the preliminary reading compared to 2.4% in the December reading, exceeding expectations that it would remain stable in the December reading.
The largest contribution to inflation in November came from the energy sector, which rose by 1.8% from 0.1% in December, while the services sector rose by 3.9% and the food, alcohol and tobacco index rose by 2.3%.
The core index, which excludes food and energy prices, was stable at 2.7% in January, the same as the December reading, while expectations were for a 2.6% increase.
The data showed that inflation in the largest economies of the euro zone (Germany and France) stabilized in January at 2.8% and 1.85% respectively, while it accelerated in Italy and Spain by 1.7% and 2.9% respectively, from 1.4% and 2.8% in December.