Eurozone inflation eases to 10% in November
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.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.
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