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Inflation in the eurozone in November slowed to the lowest since July 2021


November, 30 2023
watermark Economic news

According to preliminary data from Eurostat, inflation in the eurozone in November 2023 amounted to 2.4% in annual terms. This indicator has become the lowest since July 2021. In October, inflation was 2.9%. 


The current inflation rate was lower than the forecast of analysts, who expected an indicator of 2.7%.


It is noted that the decline in energy prices continued in November – the indicator fell by 11.5% year-on-year, while in October the drop was 11.2%. The growth rates of food, alcohol and tobacco prices also slowed, reaching 6.9% and falling from 7.4% in the previous month. The indicator for the service sector fell to 4% from 4.6%.


Core inflation (CPI Core), excluding the cost of food and energy, also showed a slowdown – to 3.6% in November from 4.2% in October, which was below the market forecast of 3.9%.


On a monthly basis, consumer prices in the eurozone decreased by 0.5%, which is the maximum drop since January 2020. This indicator has not decreased since July of this year, when an increase of 0.1% was recorded.


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