Eurozone's inflation rises to 2.4 pct in December: Eurostat

The eurozone's annual inflation rate for December of last year stood at 2.4 percent, up from November's 2.2 percent, according to a flash estimate released by Eurostat on Tuesday.

The price of services is currently driving the eurozone's inflation, the services sector inflation standing at 4 percent, up from 3.9 percent in November.

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Eurozone's inflation rises to 2.4 pct in December: Eurostat

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Eurozone's inflation rises to 2.4 pct in December: Eurostat

It is followed by food, alcohol, and tobacco, with an annual inflation rate of 2.7 percent in December, unchanged from the previous month.

The price of non-energy goods recorded an inflation rate of 0.5 percent year on year, down from November's 0.6 percent.

The inflation rate for energy moved from negative to positive, standing at 0.1 percent in December.

This marks the third consecutive month of rising inflation in the eurozone. After falling to 1.7 percent in September, inflation has steadily increased, reaching 2.4 percent in December.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.