The median respondent in the ECB's Consumer Expectations Survey expected prices to grow by 2.6% over the following 12 months in November, from 2.5% in October - marking the second increase in a row. The expectation for three years ahead was raised to 2.4% - the highest level since July - from 2.1%.

Euro-area inflation accelerated last month, supporting the European Central Bank’s gradual approach to reducing interest rates, without derailing them altogether.

Markets currently anticipate that the ECB will cut interest rates from 3% to 2% across several trims this year.

Euro zone inflation accelerated in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

Ghana’s annual inflation rate climbed to its highest level in seven months in December, reducing the prospects of an interest-rate cut later this month.

Inflation in the eurozone rose further above the European Central Bank’s target in the final month of 2024, although that is unlikely to dissuade policymakers from lowering borrowing costs again this month to support a faltering economy.