• Next week, Eurostat will release the final estimate for eurozone December inflation. We expect prices to be up 0.4% mom, while the yoy rate is a very close call: we see risks of an upward revision to the preliminary 2.2% reading.
  • In Italy, December FOI should rise 0.3% mom to 106.5, implying a 2.4% yoy rate.
  • In January, inflation is likely to move south. In the eurozone, our preliminary estimate is for a deceleration to 2.0% yoy, mostly due to an energy base effect.