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Euro zone inflation well above ECB target

Euro zone inflation reached 2.4% last month compared to 2.2% in November, according to data released. The figure was well over the European Central Bank's target.

The EU statistics office Eurostat said the final inflation number for December was higher than a provisional figure released earlier this month of 2.3%.

In November, inflation in the 12-nation euro zone had slowed to 2.2% from 2.4% in October, as oil prices eased and the euro strengthened against the dollar.

The 12-month rise in prices remained in breach of the ECB's target for price stability of inflation under 2%.

Annual inflation in all 25 EU nations was also 2.4% in December, up from 2.2% the month before, Eurostat said.

Meanwhile, the euro zone's trade surplus fell to €2.9 billion in November, down from €5.2 billion the year before, according to figures from Eurostat. The euro area's seasonally adjusted imports rose in November by 2.9% from the month before, while exports were up 2.2%.