Eurozone consumer prices increased by 2.4% year over year in December, according to Eurostat.  Core inflation, which strips out volatile components such as fuel and food, was flat month-on-month, highlighting that core prices are broadly stable, per Morning Star.

US inflation rose to 2.9% in December, in line with expectations, bolstering the case for the Federal Reserve to slow its pace of interest rate cuts this year.  Analysts are now expecting no further rate cuts until after March.

In the EU, the prospect of possible new tariffs under the incoming Trump administration inevitably adds uncertainty for exports over the first few months of 2025.