According to a flash estimate from Eurostat, the annual inflation in the eurozone is expected to be 9.2 per cent in December 2022, down from 10.1 per cent in November; in Estonia it is expected to decline from 21.4 per cent to 17.5 per cent, which places the country third among the euro area countries.
Estonia’s inflation indicator followed that of Lithuania, where, according to preliminary data, inflation slowed down from 21.4 per cent to 20 per cent in December compared with November. In Latvia, the December price increase slowed down from November’s level of 21.7 per cent to 20.7 per cent, which was also the highest inflation indicator of the previous month in the eurozone, according to Eurostat.
The Baltic countries were followed by Slovakia, where inflation slowed from 15.1 per cent in November to 15 per cent in December, and Italy, where inflation slowed from 12.6 per cent to 12.3 per cent. Of the euro area member states for which Eurostat has data, inflation in December was the slowest at 5.6 per cent in Spain, followed by Luxembourg at 6.2 per cent, France at 6.7 per cent, the Netherlands at 7.3 per cent, and Cyprus and Greece at 7.6 per cent.
Looking at the main components of the eurozone inflation, energy is expected to have the highest annual rate in December at 25.7 per cent, followed by food, alcohol and tobacco at 13.8 per cent, non-energy industrial goods at 6.4 per cent and services at 4.4 per cent.