Eurozone consumer price inflation cooler than expected in December

Eurozone consumer price growth was tamer than expected at the end of the last, numbers from Eurostat showed on Monday.

The pace of annual consumer price inflation cooled to 1.9% in December, from 2.1% in November. The latest reading was shy of the 2.0% outlined in the flash data published earlier this month.

On a monthly basis, consumer prices rose 0.2% in December, in line with the flash reading, following a 0.3% fall in November from October.

The European Central Bank has a 2% inflation target.

Services remained the largest contributor to inflation, though price pressure in that industry moderates. Annual service price inflation cooled to 3.4% in December from 3.5% in November.

Stripping out energy, food, alcohol & tobacco, core annual consumer price inflation abated to 2.3% in December, in line with the flash estimate, from 2.4% in November.

The flash reading for January is to be released on February 4, the eve of the next European Central Bank decision.