According to a flash estimate from Eurostat, Eurozone annual inflation is projected to rise to 2.4% in December 2024, up from 2.2% in November.
In the euro area, services are expected to lead annual inflation with a rate of 4.0%, up slightly from 3.9% in November. Food, alcohol, and tobacco are forecast to remain steady at 2.7%, unchanged from November. Non-energy industrial goods are projected to dip to 0.5%, down from 0.6% in the previous month. Energy inflation is anticipated to rebound to 0.1% after falling by -2.0% in November.
Source: Eurostat
A deepening sell-off in technology and artificial intelligence stocks pressured financial markets, forcing investors to liquidate precious metals holdings to cover losses elsewhere.
Escalating Middle East tensions pushed oil prices higher following a deadly drone strike on Saudi Aramco's Shaybah facility, renewing inflation concerns and expectations for further Federal Reserve tightening.
Rising oil prices renewed inflation concerns as uncertainty surrounding the US-Iran conflict and continued disruptions in the Strait of Hormuz reinforced expectations for further monetary tightening.
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