Olan McEvoy
Research expert covering the European Union for society, economy, and politics.
Get in touch with us nowIn December 2023, energy prices fell by approximately 5 percent in the European Union, when compared with a year earlier, according to the harmonized index of consumer prices index. This represents a dramatic deflation of energy prices from their peak in June 2022, when the HICP index was 41.1 percent higher than June 2021. During December 2023, the inflation rate for food prices was 6 percent, while in non-energy industrial goods, costs were estimated to have gone up by 3 percent. For services, prices in December 2023 have increased by 4.6 percent compared to the previous year, the same rate as was seen in November 2023.
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