BRUSSELS- Inflation in the euro zone slowed slightly in November, according to preliminary figures out Wednesday, with prices coming off record highs and missing analyst expectations. Consumer prices have been sky high across the 19-member region for several months. Inflation rose above the 10% mark last month, highlighting the severity of the cost-of-living crisis in the bloc.
The initial data Wednesday from Europe’s statistics office showed headline inflation at an annual 10% this month — representing a 0.6 percentage point fall from October. The ECB estimated in September that annual headline inflation will reach 8.1% for 2022 and 5.5% in 2023. These figures are expected to be revised upward when the central bank meets in December.
Energy and food costs continued to have contributed the most to high inflation, but there has been a drop in energy costs. The latter is expected to have stood at an annual rate of 34.9% in November compared with 41.5% in October, according to the Eurostat.
