The Eurozone Harmonised Index of Consumer Prices (HICP) rose by 2.4% on an annual basis in November, marking a decrease from October’s 2.9% increase, according to official data published by Eurostat on Thursday. This figure fell short of market expectations, which anticipated a 2.7% print.
In November, Core HICP inflation in the Eurozone eased to 3.6% year-on-year, compared to October’s 4.2% uptick. The market consensus was for a 3.9% increase in Core HICP.
On a monthly basis, the HICP for the bloc declined by 0.5% in November, contrasting with the 0.1% increase recorded in October. Core HICP inflation was -0.6% month-on-month for the reported month, in contrast to the 0.2% acceleration reported in October.
The European Central Bank (ECB) has a target inflation rate of 2.0%. Data on HICP inflation in the Eurozone significantly influences the market’s assessment of the ECB’s interest rate outlook.