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.

Inflation in the Eurozone shot up to 2.4% in December, the third consecutive monthly rise, according to data from Eurostat. This is a steady climb from November’s revised 2.2% and September’s low of 1.

Inflation in the eurozone increased in December, new figures show, cementing the view that the ECB will cut interest rates gradually.