Euro zone inflation, November 2024

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Euro zone inflation, November 2024

The stalls at the 590th Dresden Striezelmarkt are brightly lit at the opening.

Sebastian Kahnert | Picture Alliance | Getty Images

Annual Euro zone inflation rose to 2.3% in November, statistics agency Eurostat said Friday, climbing back above the ********* Central Bank’s 2% target.

Economists polled by Reuters had expected the 2.3% annual rate for the month, up from 2% in October.

Price rises in the bloc have ticked higher for two straight months after dropping to 1.7% in September, as was expected due to the fading deflationary pull from energy prices.

Core inflation, excluding volatile energy, food, alcohol and tobacco prices, held at 2.7% for a third straight month in November.

The core rate is being propped up by the stickiness of services inflation, which only slid slightly to 3.9% in November from 4% during the previous month.

Markets have fully priced in a 25-basis-point interest rate cut from the ECB in December, which would mark the institution’s fourth trim of the year.

Speculation that the central bank could be pushed into a larger 50-basis-point cut has faded since last month, after slight improvements in the weak euro area growth

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and a rebound in inflation.

Inflation came in slightly higher than forecast in October, while ECB policymakers, including executive board member Isabel Schnabel, have

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in monetary easing.

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This is a breaking news story and will be updated shortly.

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#Euro #zone #inflation #November

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