The final data published by Eurostat showed that consumer price growth slowed in November, confirming experts' forecasts and preliminary estimates. Meanwhile, core inflation fell to its lowest level since April 2022.
According to the report, the consumer price index rose by 2.4% per year after an increase by 2.9% per year in October. But inflation remains above the ECB's target level (2%). In December, however, inflation is likely to pick up on account of an upward base effect for the cost of energy. European Union annual inflation was 3.1%, down from 3.6% in October.
Meanwhile, on a monthly basis, the consumer price index fell 0.6% (the largest decline since January 2020) after rising 0.1% in October. Economists had expected a decrease of 0.5%.
Eurostat reported that the core consumer price index - excluding energy, food, alcohol and tobacco - rose by 3.6% per year, as expected, after an increase by 4.2% per year in October.
The data also showed that the largest contribution to the annual inflation was made by services (+1.69%), food, alcohol & tobacco (+1.37%), non-energy industrial goods (+0.75%) and energy (-1.41%).
The lowest annual rates were registered in Belgium (-0.8%), Denmark (0.3%) and Italy (0.6%). The highest annual rates were recorded in Czechia (8.0%), Hungary (7.7%), Slovakia and Romania (both 6.9%).