The figures for the whole of the European Union do not include a quick estimate. These data will be published in mid-December.
Compared to October, prices increased by 0.5 percent. According to economists, the rise in inflation, which is linked to the economic recovery accompanied by rising energy prices and a shortage of some raw materials, has been going on since the end of the summer. Even in November, its amount was mainly due to energy, which rose by 27.4 percent year on year (in October by 23.4 percent).
November inflation significantly exceeded the estimates of analysts in the Reuters survey, who expected its growth to 4.5 percent. At the same time, it exceeded the European Central Bank’s (ECB) long-term target of two percent by almost three percentage points.
Unlike some analysts, the ECB continues to expect inflation to return to its target over the next year. ECB President Christine Lagarde recently said that the bank therefore does not plan to respond to the current fluctuations by tightening monetary policy. According to her, this would reduce household incomes and, as a result, could significantly slow down economic growth.