The annual inflation rate in the Euro Area has decelerated further in November, to 2.4%, while marking its lowest level since July 2021. Market consensus had pointed to a more modest slowdown – to 2.7%.
In November, the cost of energy plummeted 11.5% year-on-year, following another 11.2% drop in October.
Prices also eased for services (+4% YoY versus +4.6% YoY in October), food, alcohol and tobacco (6.9% YoY versus 7.4% YoY in October), and for non-energy industrial goods (2.9% YoY versus 3.5% YoY in October).
Annual core CPI inflation, which excludes volatile categories such as food and energy, also slowed more than expected in November, to 3.6%, preliminary data showed. It has been the lowest core rate since April 2022.
Meanwhile, Germany’s annual CPI inflation was reported to have slowed to 3.2% in November from 3.8% in October, a preliminary estimate showed. It marked the lowest inflation level since June 2021.
And, France’s annual consumer price inflation decelerated to 3.4% in November from 4% in October, according to a preliminary estimate. It has been the lowest inflation rate since January 2022.
The Euro extended yesterday’s losses against the US Dollar on Thursday, with the EUR/USD currency pair last trading at 1.0927. The major Forex pair pulled back from a 16-week high of 1.1017, which it registered on Wednesday.
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