• Prior +2.4%
  • Core CPI +3.4% vs +3.4% y/y prelim
  • Prior +3.6%

No changes to the initial estimates and with a slight easing of core prices from November to December, it still keeps the ECB on track. However, the real challenge will be starting from this year, as the disinflation process may not be as linear a trajectory as seen in 2023.