EU = The consumer price index for November of the 30 euro area countries announced by the European Union on the 20th increased by 11.2% compared to the same month last year. The growth rate contracted further from 4.2% in the previous month and is the lowest level in two years and four months since July 9.
The main reason for this was that energy fell further than the previous month, down 11.5% compared to the same month last year, and the growth of items including food and other items also slowed from the previous month to plus 6.9%.
In addition, the price index, which excludes volatile energy and food, rose by 3.6 percent, lower than the previous month's 4.2 percent, and the underlying upward pressure on prices seems to be weakening.
By country, Germany, Europe's largest economy, fell by 2.3 percent, France by 3.8 percent, Spain by 3.2 percent,
and
Italy by 0.7 percent.
In October, the European Central Bank left its key policy rate unchanged for the first time since it started hiking rates in July last year, and it will be interesting to see how a further decline in inflation will affect monetary policy going forward.