Eurozone inflation falls to 2.4% in November, lowest since July 2021

eurozona mapa billete 1

CdM| Eurozone inflation continues to moderate and stood at 2.4% in November, down from 2.9% in October, its lowest level since July 2021, according to final data released by Eurostat, the European Union (EU) statistics office.

In this way, the evolution of prices in the euro area is gradually approaching the 2% target set by the European Central Bank (ECB), although the president of the body, Christine Lagarde, has warned that there will be a rebound in the coming months, “mainly due to some base effects”. All in all, the decline is remarkable, especially considering that in November 2022, the overall CPI was 10.1%.

inflacion eurozona nov2023

By components, the main factor contributing to the fall in inflation is energy, which fell by 11.5% in the eleventh month of the year, from -11.2% in October. Food, alcohol and tobacco also recorded the highest rate, at 6.9%, compared with 7.4% in the previous month. Services, on the other hand, reached 4% and non-energy industrial goods 2.9%.

The core inflation rate also eased in November to 3.6% from 4.2% the previous month.

In the European Union as a whole, annual CPI moderated to 3.1% from 3.6% in October. Among the EU-27, the lowest annual rates were recorded in Belgium (-0.8%), Denmark (0.3%) and Italy (0.6%). The highest annual rates were in Czechia (8.0%), Hungary (7.7%), Slovakia and Romania (both 6.9%). Compared with October, annual inflation decreased in 21 Member States, remained stable in three and increased in three.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.