Eurozone Inflation Edges Up to 2.2% in November

In November 2024, the annual inflation rate in the euro area increased to 2.2%, up from 2.0% in October, but slightly lower than the 2.4% recorded a year earlier, according to Eurostat.

In November 2024, the annual inflation rate in the euro area increased to 2.2%, up from 2.0% in October, but slightly lower than the 2.4% recorded a year earlier, according to Eurostat. In the European Union, inflation rose to 2.5% in November, compared to 2.3% in October and 3.1% a year ago.

Country-Specific Inflation Rates

The lowest inflation rates were observed in Ireland (0.5%), Lithuania, and Luxembourg (1.1%). In contrast, the highest rates were recorded in Romania (5.4%), Belgium (4.8%), and Croatia (4.0%). Compared to October, inflation decreased in 4 countries, remained stable in 3, and increased in 20.

Drivers of Inflation

The primary contributors to euro area inflation in November were:

• Services: +1.74 percentage points
• Food, Alcohol & Tobacco: +0.53 percentage points
• Non-Energy Goods: +0.17 percentage points

Meanwhile, energy prices continued to have a moderating effect, subtracting -0.19 percentage points from the overall rate.

The November data reflects sustained inflationary pressures in services and food categories, while energy prices provided some relief to the overall inflation rate.

Source: ECB