Inflation in the eurozone was at its highest level ever seen in November, according to Eurostat data, with most of the rise attributed to rising energy prices.
Eurostat announced that inflation stood at 4.9% on an annual basis, according to the initial estimate.
On a monthly basis, the increase was revised downwards to 0.4% from the initial 0.5%. In Greece, prices stood at 4% in November.
The ECB wants to keep inflation at 2% in the medium term and has repeatedly stated that the rise in inflation is temporary.
The bank expects price increases to slow in 2022, but acknowledged that this will take longer than originally expected.
Energy prices contributed to inflation by 2.57 percentage points, services to services contributed by 1.16 percentage points, non-energy industrial goods by 0.64 points and food, alcohol and tobacco prices by 0.49 percentage points.
Structural inflation stood at 2.6%.
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Source From: Capital
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