According to Eurostat’s first monthly estimate released Tuesday, the eurozone’s inflation rate hit a new high of 4.9 percent year on year in November, still fueled by persistently rising energy prices.
Rising energy expenses pushed consumer prices in the eurozone up, which increased 27.4% year on year in November. Eurostat has never before recorded such a level in its estimates, which began over 20 years ago.
According to the European statistics agency, the inflation rate in the 19 nations that have embraced the single currency had already surged to 4.1 percent year-on-year in October, the highest since July 2008.
Inflation in the eurozone has grown every month since June, reaching 3% in August. Before jumping to 3.4 percent in September.
“In November, energy should have the highest annual rate,” Eurostat stated in a statement Tuesday.
Germany has a high rate of inflation.
The services sector (2.7 percent, up from 2.1 percent in October), industrial goods excluding energy (+2.4 percent, up from 2.0 percent in October), and food, alcohol, and tobacco are among the other components of inflation in the euro zone (2.2 percent , after 1.9 percent in October).
According to the national statistics bureau Destatis, inflation in Germany, the eurozone’s largest economy, surged at more than 5% in November after falling to 4.5 percent in October.
The harmonized price index, which is used as a benchmark at the European level, increased by 6% in a year. It exceeded the European Central Bank’s (ECB) target of 2% inflation in the eurozone.
According to Eurostat data, the rate of inflation is notably high in the three Baltic nations (at 7.4% or more). It is also higher than the eurozone average in Belgium (7.1%), Spain (5.6%), and the Netherlands (5.6%). (5.6 percent ). The November results in France and Italy are 3.4 percent and 4.0 percent, respectively.