December 19, 2023

According to the statistical office of the European Union (Eurostat), in November 2023, the Euro area annual inflation rate was 2.4%, down from 2.9% reported in October 2023. The prior year’s rate was 10.1%. Annual inflation in the European Union was 3.1% in November 2023, down from 3.6% in October 2023. The rate was 11.1% a year earlier.

Services (+1.69 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in November, followed by food, alcohol & tobacco (+1.37 pp), non-energy industrial goods (+0.75 pp) and energy (-1.41 pp).

The highest annual inflation rates were recorded in Czechia (8.0%), Hungary (7.7%) and Slovakia and Romania (6.9%), while the lowest annual rates were observed in Belgium (-0.8%), Denmark (0.3%), and Italy (0.6%). Compared with October, annual inflation decreased in twenty-one Member States, remained stable in three and increased in three.

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