By Maria Martinez
Inflation in the eurozone eased in November, due to a deceleration in energy price rises.
The consumer price index–a measure of what consumers pay for goods and services–increased 10.0% on year in November, decelerating from 10.6% in October, preliminary data from the European Union’s statistics agency Eurostat showed Wednesday.
Economists polled by The Wall Street Journal expected inflation to come in at 10.4%.
The deceleration in inflation was led by an easing in energy prices, which rose 34.9% on year in November compared with the 41.5% gain registered in October.
However, food, alcohol and tobacco prices continued gaining pace in November, increasing 13.6% on year compared with a 13.1% rise in October. Price of non-energy industrial goods and of services stabilized, the data showed.
The core consumer price index–which excludes the more volatile categories of food and energy–increased 5% on year in November, unchanged from September.
The European Central Bank raised interest rates by 75 basis points for the second time in a row in October to tame inflation, even when it signaled mounting concerns about economic growth in the region. Economists expect another rise in interest rates in December.
Write to Maria Martinez at [email protected]
