Eurozone inflation falls for the first time in a year and a half, to 10%

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Year-on-year inflation in the euro area fell six tenths in November, to 10%, which is the first drop since June 2021 and after last month marked a maximum with 10.6%, according to preliminary data published today by Eurostat.

In June 2021, inflation stood at 1.9% and embarked on a continuous upward path in which it beat unprecedented levels month after month until exceeding double digits last month.

Core inflation, which excludes energy products, food. Tobacco and beverages, due to having a more volatile behavior, remained stable at 5% in November. If only energy and food are excluded, it stood at 6.6% (two tenths more).

Again, energy repeated as the product category with the highest price increase compared to the same month of the previous year, although the 34.9% increase observed in November is lower than the 41.5% of the previous month and the 42% seen in June, when it experienced the highest increase.

Processed foods, alcohol and tobacco also continue to increase their inflation, with an increase of 13.6%, which is more than one point higher than the 12.4% registered in October. The increase in the price of unprocessed food, on the other hand, fell to 13.8% compared to 15.5% the previous month.

On the other hand, non-energy industrial goods registered inflation of 6.1%, a rate identical to that observed the previous month, while the price of services grew by 4.2%, one tenth less.

By country, Spain becomes the partner of the common currency with the lowest inflation taking into account the harmonized CPI rate that Eurostat uses to make the data of the euro area countries comparable.

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In November, Spanish inflation in harmonised rate was 6.6%, while that of France, the country with the lowest price growth so far, stood at 7.1%. Next are Malta (7.2%), Luxembourg (7.3%), Cyprus (8.3%) and Ireland, Greece and Finland (all three with 9%).

Above double digits remain Portugal (10.3%), Belgium (10.5%), Slovenia (10.8%), Austria (11.1%), the Netherlands (11.2%), Germany (11.3%), Italy (12.5%) and Slovakia (15.1%).

Finally, the Baltic countries remain the euro partners most affected by price growth, all with annual inflation rates exceeding 20%: Latvia by 21.7% and Lithuania and Estonia by 21.4%.

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