Economist Kamil Kovar from Moody's Analytics wrote in a report that despite the rising inflation rate in the Eurozone, the European Central Bank will not cut interest rates this month. The Eurozone's inflation rate rose from 2.2% last month to 2.4% in December. Kovar stated that the inflation in the services sector has not alleviated throughout last year, which will be a particular concern for the European Central Bank's decision-makers. However, he noted: "Nevertheless, we still expect a rate cut in January, as the inflation report has not yet worsened enough to change the balance of power in the governing council."