Financial News: Eurozone Inflation Rises Less Than Estimate

Eurozone Inflation Rises Less Than Estimate

12/18/2024 - 06:11:00 (RTTNews)

(RTTNews) - Eurozone inflation grew at a slightly slower than initially estimated pace in November, revised data published by Eurostat showed on Wednesday.

The harmonized index of consumer prices rose 2.2 percent year-on-year in November, following a 2.0 percent increase in October. The rate was revised down from 2.3 percent.

Core inflation, which excludes prices of food, energy and alcohol and tobacco, was steady at 2.7 percent. The rate matched the flash estimate.

Earlier this month, the <a href=https://www.rttnews.com/3496963/ecb-cuts-deposit-rate-to-3-00.aspx target=_blank >European Central Bank</a> lowered its benchmark rates by a quarter point citing that the disinflation process is on track though growth concerns remain. The deposit rate was reduced to 3.00 percent.

The previous change was a reduction by the same volume in October following a similar cut in September.

Among the main components, services inflation slowed to 3.9 percent from 4.0 percent. Energy prices declined for a fourth month in a row, down 2.0 percent following a 4.6 percent slump in the previous month.

Prices of food, alcohol and tobacco rose 2.7 percent after a 2.9 percent increase in October. Non-energy industrial goods prices were 0.6 percent higher after a 0.5 percent gain.

Month-on-month, the HICP slid 0.3 percent in November.

European Union annual inflation was 2.5 percent in November, which was up from 2.3 percent in October. The lowest annual rates were registered in Ireland, Lithuania and Luxembourg. Meanwhile, the highest rates were seen in Romania, Belgium and Croatia.

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