The rate of inflation has slowed down Eurozone In November, it was lower than the preliminary reading, which supports the European Central Bank’s aggressive plans to combat price pressures.
Consumer prices in the 19-nation single-currency area rose 10.1% year-over-year, according to Eurostat data released 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 all-time high as recession fears mount
The first decline in inflation in a year and a half allowed the European Central Bank to slow the pace of interest rate hikes this week, raising the cost of borrowing by half a point, following two consecutive hikes of 75 basis points. However, with expectations showing that consumer price growth will remain above the 2% target through 2025; Chair Christine Lagarde hinted at further half-point rate hikes in the first two meetings next year.