Inflation rate in the euro zone drops to 2.8% in January

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Eurozone inflation rate slows down in January 2024.

The year-on-year inflation rate in the eurozone decreased again in January, from 2.9% to 2.8% from December 2023. However, in December, a downward trend of seven months was interrupted. These are statistics from Eurostat, which also indicate an average year-on-year inflation rate in the eurozone countries of 8.6%.

According to a news shared by Notícias ao Minuto, Eurostat "also indicates that the core inflation rate (which calculates the price evolution without taking into account the most volatile elements) slowed to 3.3%, compared to 3.4% in December and 5.3% in January 2023".

"The food, alcohol and tobacco component recorded the highest annual inflation rate in January (5.7%, compared to 6.1% in December), followed by services (4.0%, stable in the monthly comparison), non-energy industrial goods (2.0%, below the 2.5% in December) and energy (-6.3%, compared to -6.7% the previous month)", the news article reads.

Among the various countries in the euro zone, it is in Estonia where the highest year-on-year inflation rate is expected in January, at 5.0%, measured by the Harmonized Index of Consumer Prices (HICP), followed by Croatia with 4.8% and Austria with 4.3%.

On the other hand, the lowest inflation rates were observed in Finland with 0.7%, in Italy with 0.9%, and in Latvia and Lithuania with 1.0% each.

“In Portugal, the annual inflation measured by the IHPC is expected to be 2.3%, up from 1.9% in December and below 8.6%,” explains the news released.

With the inflation rate falling and prices dropping, it's a good time to reorganize your budget. Therefore, review expenses, renegotiate credit and insurance conditions, and, if it's not enough, consider transferring products to new entities. Know that credit intermediaries and insurance brokers from Poupança no Minuto can assist you in these processes, for free. Contact us and find out more about what is possible in your case!