Inflation in the eurozone slowed to 2.4% in November

According to the statistical office of the European Union Eurostat, in November consumer prices in the eurozone increased by 2.4% year-on-year, which is the lowest since July 2021. The final assessment coincided with the preliminary data and forecasts of analysts.

Comparing with October 2023, when inflation in the eurozone was 2.9% y/y, we can note a significant decrease in the rate of price growth. However, they still exceed the European Central Bank's 2% target.

If we consider the price increase excluding food and energy resources (CPI Core index, core inflation), then in November it slowed to 3.6%, which is the lowest since April 2022. In October, the indicator was at the level of 4.2%. This indicator also corresponds to preliminary data and market expectations.

Energy prices decreased by 11.5% in November (compared with -11.2% in October), while food, alcohol and tobacco products rose by 6.9% (compared with +7.4% in the previous month). The cost of services increased by 4% (compared to +4.6% in October).

On a monthly basis, the dynamics of consumer prices in the eurozone showed a decrease of 0.6% after an increase of 0.1% in October.