Eurozone Inflation


Eurozone: Inflation picks up slightly in November

December 16, 2013

The harmonized index of consumer prices (HICP) fell 0.1% over the previous month in November, which followed an equivalent drop in October. Annual headline inflation edged up from 0.7% in October - the lowest reading since November 2009 - to 0.9% in November. Annual average inflation inched down from 1.6% in October to 1.5% in November.

The core inflation index, which does not include prices for energy, was unchanged over the previous month (October: +0.1% month-on-month). Annual core inflation inched up from 1.0% in October to 1.1% in November.

At a country level, 8 of the 17 Eurozone economies posted annual inflation rates equal to or above the regional average. Estonia (2.1%) and Finland (1.8%) recorded the highest annual inflation rates. At the other end of the spectrum, Greece experienced a 2.9% year-on-year drop in harmonized consumer prices. Furthermore, according to the EL.STAT data released on 9 December, Greece's non-harmonized measure of consumer prices also fell 2.9% in November over the same month last year, marking the biggest deflation since the country began keeping records in 1960. Among the major economies in the Eurozone, inflation was above the regional average in Germany (1.6%), whereas it was below average in France (0.8%), Italy (0.7%) and Spain (0.3%).

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 1.4% in 2013, which is unchanged from last month's forecast. For 2014, panelists expect inflation to average 1.2%.

Author:, Head of Data Solutions

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