This number is up from 4.1% last month, well above expectations of 4.5%.
Energy prices have risen 27% year-on-year due to soaring oil prices, but inflation in services and non-energy industrial products, which has hampered price increases over the past few years, has both risen above 2% to the underlying price. It suggests a sharp rise. Pressure, according to the global news wire.
Inflation in the euro area reached record highs in November due to high energy costs, according to Eurostat data showing rising consumer prices in 19 countries that share the euro. It accelerated to 4.9% a month and reached the highest level by far in 25 years.
Inflation is now more than double the European Central Bank’s (ECB) 2% target, but it is unlikely that policy action will be taken. The ECB has long had a policy that the surge in inflation is temporary, caused by a variety of temporary factors, and subsides over time, hindering economic growth when inflation naturally eases. It has long been argued that the measures would be counterproductive.
The next ECB meeting is scheduled for December 16th.
Fiber2Fashion News Desk (DS)
Eurozone inflation reaches record 4.9% in November
Source link Eurozone inflation reaches record 4.9% in November