Inflation accelerates in November
Complete data revealed harmonized inflation rose to 1.0% in November from October’s nearly three-year low of 0.7% and matched the preliminary estimate. Inflation nonetheless continues to sit sizably below the European Central Bank’s target rate of near, but under, 2.0%. The reading was due to faster price increases in all subcomponents of the index—especially for services—except for energy.
Annual average harmonized inflation inched down to 1.2% in November, from October’s 1.3%, marking the lowest reading in over two years. Core inflation, meanwhile, increased from October’s 1.2% to 1.4%. On a monthly basis, harmonized consumer prices dropped 0.3% in November, swinging from October’s 0.1% increase.
Among the countries in the common-currency bloc, the lowest inflation rates were recorded in Italy and Portugal (0.2%). On the flipside, the Netherlands (2.6%) and Slovakia (3.2%) logged the fastest inflation rates. Regarding the largest economies in the Eurozone, harmonized inflation sped up in Germany, France and Spain, while it remained steady in Italy.