Eurozone Inflation Rises to 2.3% in November 2024

The annual inflation rate in the Eurozone increased for the second consecutive month, reaching 2.3% in November 2024, up from 2% in October, according to preliminary data.

The annual inflation rate in the Eurozone increased for the second consecutive month, reaching 2.3% in November 2024, up from 2% in October, according to preliminary data. This rise aligns with market expectations and reflects the diminishing impact of last year’s sharp drop in energy prices on the annual comparison.

Energy prices fell by 1.9% in November, a smaller decline compared to the 4.6% drop recorded in October. The cost of non-energy industrial goods rose by 0.7%, exceeding the 0.5% increase seen the previous month. Conversely, services inflation eased slightly to 3.9%, down from 4% in October, while food, alcohol, and tobacco prices grew at a slower rate of 2.8%, compared to 2.9% in the prior month.

Core inflation, which excludes volatile items such as food, energy, alcohol, and tobacco, remained steady at 2.7%, defying expectations of a rise to 2.8%. On a monthly basis, the Consumer Price Index (CPI) decreased by 0.3%, following a 0.3% increase in October.

Source: Eurostat