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Eurozone Inflation Rises to 2.9%; UK House Prices and Construction Sector Show Signs of Recovery

As the ECB projects price growth to remain above its target through 2024, the UK sees a rise in house prices and a slowdown in the decline of its construction sector. Meanwhile, demand for electric vehicles in the UK flatlines.

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Shoppers walk in a street with shops, in the centre of Amsterdam on December 23, 2023. (Photo by Ramon van Flymen / ANP / AFP) / Netherlands OUT
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Overview

  • Eurozone inflation rose to 2.9% in December, up from November's two-year low of 2.4%, due to a reduction in government subsidies on gas, electricity, and food.
  • The European Central Bank (ECB) is projecting that price growth will range between 2.5% and 3% through 2024, well above its 2% target, before slowing again next year.
  • UK house prices rose for the third consecutive month in December, reflecting a shortage of properties on the market.
  • The downturn in the UK’s construction sector eased last month to the slowest rate of decline since September, according to a survey.
  • Electric vehicle demand in the UK is flatlining, prompting the industry to call for a VAT cut to stimulate sales.