Eurozone inflation reaches historic high

The eurozone's annual inflation rate rose further in December, reaching the highest point in history, which was posted more than thirty years ago in July 1991, Report informs, citing Eurostat, the statistical office of the European Union.

Consumer prices rose 5.0% on year in December, following a 4.9% rise in November. Consumer prices rose 5.0% on year in July 1991, marking the highest point in history until December 2021.

The inflation is three percentage points higher than the European Central Bank's (ECB) target.