Inflation in the euro area rose to 2.4% in December from 2.2% in November, according to preliminary data from Eurostat, confirming analysts' forecasts for a mild acceleration.

In Greece, the consumer price index stood at 2.9% in December, showing a slight deceleration from previous months.

According to Eurostat data, services are estimated to have contributed for another month more to the acceleration of the index. Looking at the individual sectors, services inflation rose to 4% from 3.9% in November, followed by food, alcohol and tobacco inflation at +2.7%, unchanged from the previous month. Next, non-energy industrial goods rose 0.5% year-on-year from 0.4% and finally, energy strengthened 0.1% from -2%.

For Greece in particular, Eurostat's estimates place the domestic consumer price index in ninth place in the Eurozone out of 20 countries for which data are available.

It should be noted that analysts have lowered the bar for Eurozone growth. According to a recent Bloomberg poll of economists, the new is expected to bring a 1% growth rate to the European economy. Although this is some acceleration from the 0.8% in 2024, nevertheless expectations have been downgraded from 1.2% previously. Besides, and for 2026, growth forecasts are now set at 1.2%, down from 1.4% previously.

ECB officials are still betting that households will drive the recovery as incomes rise and inflation stabilizes near the 2% target.