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Eurozone inflation rose to 2.9% in December according to Eurostat
The half percentage point rise on the November figure (2.4%) appeared driven by an abatement in falling energy prices
Food, alcohol and tobacco were expected to continue with the highest inflation rate in December (6.1%, compared with 6.9% in November), followed by services (4.0%, stable compared with November). But a diminution in energy inflation abated from -11.5% in November to -6.7% in December.
The news is likely to damp hopes of an early interest rate decrease by the European Central Bank in 2024. The bank’s rate stands unchanged from last October at 4%, following steady increases which began in July 2022.
Christine Lagarde, the president of the ECB, voiced concerns late last year that she expected inflation to rise again as subsidies on energy prices were removed. She said last November that it won’t be before the “next couple of quarters” that the ECB will start to cut rates.
Zsolt Darvas, a senior fellow at the Brussels-based think-tank Bruegel, said the rise was in line with expectations since energy prices “very much influence the overall headline inflation rate e-books.”
Of so-called core inflation – which excludes food and energy prices – Darvas said “the important news is that there was a marginal, a very small decline”, from 3.6% in November to 3.4% in December.
“I think this is the more important news because this reflects the underlying developments of inflation. So it could be that headline inflation might rise a little bit in the coming months. But what the ECB policymakers watch for is how the core inflation will evolve.”
However, Darvas pointed out that the 3.4% core inflation rate remains adrift of the ECB’s 2% inflation target of the European Central Bank.
With wage growth accelerating and inflation broadly slowing, consumer purchasing power is increasing, according to Darvas, which might imply demand pressure, in turn making higher inflation stubborn.
“That’s why I would expect that the ECB will not stop cutting interest rates anytime soon,” Darvas said, adding: “My expectation is that the European Central Bank will keep its current interest rates for many, many additional months because core inflation is still well above the target of 2%.”
Darvas also pointed to escalation of the Middle East conflict as a risk particularly for global global oil and energy prices. Such an escalation “would have an impact all around the world, including in Europe and the eurozone. And that could keep inflation pressure higher for longer.”
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A gunman who fatally shot a Canadian tourist and wounded more than a dozen others atop a historic pyramid in Mexico on Monday has been identified, according to officials.
Authorities identified the gunman as 27-year-old Julio Cesar Jasso, a Mexican national, according to a state official who spoke anonymously because they were not authorized to discuss the case publicly.
Jasso later died by suicide after turning the gun on himself, and security officials found a gun, a knife and ammunition. Authorities said he acted alone, with the State of Mexico government confirming he was the sole assailant on Monday night.
Officials said seven of the victims were struck by gunfire, while others were hurt in the chaos as people scrambled to get down from the pyramids, with some falling during the panic.
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The Pyramid of the Moon and the Pyramid of the Sun are seen along with smaller structures lining the Avenue of the Dead in Teotihuacan, Mexico, on March 19, 2020. A gunman killed a Canadian tourist and injured several others before taking his own life at the popular site, authorities said Monday. (Rebecca Blackwell/AP)
Those hospitalized included tourists from several countries, among them the United States, Colombia, Russia, Brazil and Canada, authorities said. The victims ranged in age from 6 to 61.
Footage circulating in local media appears to show the suspect positioned atop the structure as visitors rushed for safety below, with gunfire echoing across the site.
Police and forensic workers stand on a pyramid after authorities said a gunman opened fire in Teotihuacan, Mexico, Monday, April 20, 2026. (AP Photo/Eduardo Verdugo)
The Teotihuacan complex, located just outside Mexico City, is one of the country’s most visited archaeological landmarks, drawing millions of international visitors each year to its towering pre-Hispanic structures.
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The shooting took place shortly after 11:30 a.m. when dozens of tourists were at the top of the Pyramid of the Moon.
Security measures at the site have changed in recent years, with routine entry screenings no longer consistently in place, according to a local guide.
Mexican President Claudia Sheinbaum wrote on social media that the shooting would be investigated and that she was in touch with the Canadian Embassy.
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“What happened today in Teotihuacán deeply pains us. I express my most sincere solidarity with the affected individuals and their families,” she wrote.
Anita Anand, Canada’s foreign affairs minister, said on X that as a “result of a horrific act of gun violence, a Canadian was killed and another wounded in Teotihuacán” and that her “thoughts are with their family and loved ones.”
People visit the Pyramid of the Sun in the pre-Hispanic city of Teotihuacan near Mexico City, Mexico, on March 21, 2024, following the spring equinox. (Henry Romero/Reuters)
Later in the evening, U.S. Ambassador to Mexico Ronald Johnson also expressed “deep concern” and sadness over the deaths and numerous injuries, and said in a post on X that the U.S. is “ready to provide support as needed while Mexican authorities continue their investigation.”
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The National Institute of Anthropology and History said in a statement that the Teotihuacán archaeological site will remain closed until further notice.
The Associated Press contributed to this report.
Norway has pushed back against criticism from US President Donald Trump over what he described as “zero” European support in the conflict with Iran.
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“NATO is a defensive alliance. It is not an attack alliance,” Norway’s Foreign Minister Espen Barth Eide told Euronews’ Europe Today flagship morning show.
Eide said NATO members are focused on safeguarding key global trade routes, including keeping the Strait of Hormuz open. “NATO countries are doing something, but it’s not as a party to a conflict,” he added.
Trump has repeatedly criticised NATO allies for not backing Washington in the Iran conflict. He raised the issue again during a White House meeting earlier this month with NATO Secretary General Mark Rutte.
Eide argued that there had been no prior preparation or consensus within the alliance. As a result, there is “very limited appetite” among member states to join the war.
He said that while both the US and Iran may have reasons to end the conflict, “the sides are far apart”, with negotiations hindered by opposing demands.
On Monday, Trump said the United States would maintain its blockade of Iranian ports until Tehran agrees to a peace deal.
Still, Eide pointed to signs of “some progress”, noting the broader global impact of the conflict. “This is not only an issue for the two sides, but it affects the whole world economy,” he said.
Addressing a European diplomatic push to establish a Palestinian state, Eide reiterated support for a two-state solution based on long-standing United Nations principles. However, he acknowledged that such an outcome is “not around the corner”.
He added that a two-state solution is also in Israel’s interest, describing it as “the only viable solution for real peace in a very troubled region”.
Norway, alongside Spain and Ireland, recognised the State of Palestine in 2024.
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