Clouds hang over the European Central Bank (ECB) building on September 14, 2023, ahead of the meeting of the governing council of the ECB in Frankfurt am Main, western Germany. (Photo by Kirill KUDRYAVTSEV / Agence France-Presse
Brussels, Belgium — Inflation in the 20-nation eurozone rebounded a little less than previously estimated in November, according to revised official data released on Wednesday.
Year-on-year consumer price increases in the single currency area inched back up to 2.2 percent last month, a slight change from the 2.3 percent figure published on November 29, according to the EU’s Eurostat data agency.
Article continues after this advertisementAfter hitting a three-year low of 1.7 percent in September, eurozone inflation has bounced back above the longstanding target of 2.0 percent set by the European Central Bank. In October it stood at precisely 2 percent.
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But the underlying trend remains in line with ECB targets — with inflation firmly back down from the highs of more than 10 percent reached in late 2022 following Russia’s invasion of Ukraine.
Article continues after this advertisementCore inflation — which strips out volatile energy, food, alcohol and tobacco prices and is a key indicator for the central bank in deciding whether to cut rates — has remained stable over the three-month period, at 2.7 percent.
Article continues after this advertisementThe Frankfurt-based ECB cut rates again last week as inflation looked to be coming under control and the eurozone economy showed signs of weakness.
Article continues after this advertisementThe bank’s chief Christine Lagarde has indicated further cuts will follow.
The quarter-point move was the ECB’s third cut in a row and its fourth since June, bringing the key deposit rate down to three percent from an all-time high of four percent.
Article continues after this advertisementThe bank’s governing council will hold its first rate-setting meeting of 2025 on January 30, 10 days after the inauguration of US President-elect Donald Trump — whose vow to hike import tariffs is seen as a threat to European growth.
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