Eurozone Inflation November 2016


Eurozone: Inflation hits over two-year high in November

December 16, 2016

Complete data released by Eurostat on 16 December confirmed that harmonized inflation in the Eurozone was 0.6% in November, above October’s 0.5% and the highest reading seen since April 2014. The result was in line with the preliminary estimate. According to Eurostat, an increase in food, alcohol and tobacco prices drove the result.

Core inflation inched up from 0.7% to 0.8%. Annual average inflation rose from 0.1% to 0.2% in November. Meanwhile, harmonized consumer prices fell 0.1% in November on a monthly basis, contrasting October’s 0.3% rise.

Looking at the countries in the common-currency bloc, 11 of the 19 Eurozone economies showed inflation rates equal to or above the regional average. Belgium (1.7%), Austria (1.5%) and Estonia (1.3%) were the economies with the highest rates. In contrast, Cyprus (-0.8%), Ireland (-0.3%) and Slovakia (-0.2%) were the economies that registered the largest annual declines in HICP consumer prices. Among the largest economies in the Eurozone, inflation rose in France (0.7%) and Italy (0.1%) and was stable in Spain (0.5%). However, inflation fell in Germany to 0.7%.

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 1.2% in 2017, which is down 0.1 percentage points from last month’s forecast. For 2017, panelists expect inflation to average 1.5%.

Author: Angela Bouzanis, Senior Economist

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