Inflation eases in December from the prior month

Latest reading: Consumer prices increased 2.7% on a year-on-year basis in December, following a 2.8% rise in the previous month. December's reading was the weakest since March 2021. Relative to the prior month's figures, there were milder price pressures for food and non-alcoholic beverages (-0.9% on a year-on-year basis vs -0.7% in November), transportation (+1.9% vs +2.7% in November) and clothing and footwear (+2.3% vs +3.0% in November). In contrast, price pressures were higher for restaurants and hotels in December (+7.1% vs +6.9% in November). Finally, the change in housing and utilities prices was the same as in the prior month (+7.5% in December and November). Meanwhile, core consumer prices were up 4.0% in annual terms in December, following a 4.1% rise in the previous month. Finally, consumer prices increased 0.10% in December on a month-on-month basis, following a 0.24% increase in the prior month.

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