Eurozone inflation showed a slightly slower growth than initially estimated for November, as indicated by revised data from Eurostat released on Wednesday.
The harmonized index of consumer prices recorded a 2.2 percent increase year-over-year in November, building upon the 2.0 percent rise in October. This rate has been adjusted down from an earlier estimate of 2.3 percent.
Meanwhile, core inflation, which excludes volatile categories such as food, energy, alcohol, and tobacco, remained consistent at 2.7 percent, aligning with the initial flash estimate.
Earlier this month, the European Central Bank opted to lower its benchmark rates by a quarter percentage point, emphasizing that the disinflation process is proceeding as anticipated, despite ongoing concerns regarding economic growth. Consequently, the deposit rate was reduced to 3.00 percent.
This recent adjustment follows similar reductions of the same magnitude in October and again in September.
In terms of the primary components, services inflation experienced a slight decline, moving from 4.0 percent to 3.9 percent. Notably, energy prices continued their downward trend for the fourth consecutive month, decreasing by 2.0 percent following a sharper 4.6 percent fall in the previous month.
Prices for food, alcohol, and tobacco saw a 2.7 percent increase, slightly lower than the 2.9 percent rise recorded in October. Non-energy industrial goods prices rose by 0.6 percent, compared to a 0.5 percent increase previously.
On a month-to-month basis, the harmonized index of consumer prices decreased by 0.3 percent in November.
For the European Union as a whole, annual inflation reached 2.5 percent in November, climbing from 2.3 percent in October. The countries with the lowest annual rates included Ireland, Lithuania, and Luxembourg. In contrast, Romania, Belgium, and Croatia experienced the highest rates.
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