The rate of inflation slowed down Euro-zone In November, it was lower than the preliminary reading, which supports the European Central Bank’s hawkish plans to fight price pressures.
Consumer prices in the 19-nation single currency area increased by 10.1% from a year earlier, according to Eurostat figures published on Friday. At the same time, it was lower than the 10.6% recorded in the previous month, but 0.1 percentage point higher than the preliminary reading.
Eurozone inflation hits an all-time high while recession fears mount
The first decline in inflation in a year and a half allowed the European Central Bank to reduce the pace of its interest rate hikes this week, raising borrowing costs by half a point, after two consecutive increases of 75 basis points. However, with expectations showing that consumer price growth will remain above the 2% target through 2025; Chair Christine Lagarde has hinted at more half-point rate hikes at the first two meetings next year.