Eurozone inflation moves up: in November +0.2 pct pts vs October

Brussels – The euro area’s annual inflation rate stood at 2.2 percent (pct) in November 2024, up from 2.0 pct in October. A year earlier, it was at 2.4 pct.

EU annual inflation was 2.5 pct in November 2024, up from 2.3 pct in October. A year earlier, the rate was 3.1 pct. Eurostat, the statistical office of the European Union, published the figures.

The lowest annual rates were recorded in Ireland (0.5 pct), Lithuania and Luxembourg (1.1 pct for both). The highest annual rates were recorded in Romania (5.4 pct), Belgium (4.8 pct) and Croatia (4.0 pct). Compared to October 2024, annual inflation decreased in four member states, remained stable in three, and increased in 20. In Italy, the increase was to 1.5 pct.

In November 2024, the most significant contribution to the euro area annual inflation rate came from services (+1.74 pp), followed by food, alcohol, and tobacco (+0.53 pp), non-energy industrial goods (+0.17 pp), and energy (-0.19 pp).