EU annual inflation down to 1.7 pct in Dec

Consumer prices in the European Union rose by 1.7 percent on a yearly basis in December 2017, according to Eurostat on Wednesday.

Last month, the annual inflation rate went down by 0.1 percentage point from 1.8 percent in November. The EU's annual inflation rate was 1.2 percent in December 2016.

Among the EU28, a fall in consumer prices was only observed in the Greek Cypriot Administration (down 0.4 percent) while the lowest annual increases were recorded in Finland and Ireland with a 0.5 percent rise each. The highest rises were seen in Estonia and Lithuania with a 3.8 percent hike each.

Compared with November 2017, annual inflation fell in 23 member states, remained stable in four and rose in one, Eurostat said.

Last month, food prices -- including alcohol and tobacco -- and energy prices experienced a higher annual increase compared to general prices -- 2.7 and 3 percent, respectively.

Over the past 10 years, the highest annual inflation rate in the EU was seen in July 2008, with a 4.4 percent rise. The lowest level was recorded in January 2015, at minus 0.5 percent, marking a fall in prices instead of an increase.