Annual inflation in the euro area rose further in November due to energy prices. However, the underlying trend in the single currency area remains in line with the European Central Bank's (ECB) targets, AFP reports.
Despite the higher inflation reading across the 20 eurozone countries, it was not expected to deter the ECB from cutting interest rates next month. The bank is focused on overcoming slowing growth in Europe.
The annual increase in consumer prices reached 2.3% in November, the EU's official data agency (Eurostat) said.
In September, inflation had reached its lowest point in two years at 1.7%, and in October it rose to 2% - the ECB's long-standing target.
But underlying inflation - which excludes volatile energy, food, alcohol and tobacco prices and is a key indicator for the central bank when deciding whether to cut interest rates - was stable over the three-month period at 2.7%.
The rise in consumer price inflation in November was largely due to a slower fall in energy prices compared with the previous month.
Industrial goods prices rose by only 0.7% compared with 0.5% in October.
Prices of services rose by 3.9% and those of food, alcohol and tobacco by 2.8% in November, both down by 0.1% from a month earlier. | BGNES
