Estimates by Eurostat, or the Statistical Office of the European Union, showed moments ago that annual inflation in the eurozone rose to 9.2% in December in the preliminary reading, compared to 10.1% in the revised November reading.

The largest contribution to inflation in December came from the energy sector, which rose at an annual rate of 25.7% in December, while the food, alcohol and tobacco index rose by 13.8%, while the services index rose to 4.4% from 4.2%.

The main index excluding food and energy prices rose by 5.2% in December, compared to 5% in the November reading, while expectations were for an increase to 5.1.

The euro is trading at 1.0513 levels against the US dollar, on the decline in the middle of the European trading period.