The inflation rate came in at 5.5% in December, up from 5.4% in November. The December result was mainly driven by higher price pressures for housing and education.
Average annual inflation rose to 4.2% in December (November: 3.9%). Meanwhile, core inflation rose to 3.4% in December from 3.3% in November.
Finally, consumer prices increased by 0.65% in December compared to the previous month, following the 0.09% rise recorded in the previous month.
FocusEconomics panelists expect inflation to be 3.1% in 2023, unchanged from last month’s forecast. In 2024, the inflation rate is expected to be 2.8%.