Headline inflation came in at 9.2% year-on-year in December, according to preliminary data. It follows November's headline inflation rate of 10.1%.
Despite further signs that inflation is easing, analysts say it is too early to celebrate and do not expect a pivot from the region's central bank.
The euro area economy has come under immense pressure in the wake of Russia's invasion of Ukraine in February 2022, with energy and food costs soaring last year. In an effort to battle rising prices, the European Central Bank increased interest rates four times in 2022 and said it is likely to continue doing so this year. The bank's main rate currently sits at 2%.
The ECB also said in December that it will start reducing its balance sheet in March at a pace of 15 billion euros per month until the end of the second quarter. This step is also expected to address some of the region's inflationary pressures., 6.3% for 2023 and 3.4% for 2024. The bank's mandate is to work toward a headline inflation figure of 2%.
Energy costs have dropped in Europe in recent months. Natural gas prices, for instance, traded at around 72.42 euros per megawatt hour on Friday — sharply lower than their peak of 349.90 euros per megawatt hour in August.
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