Thursday, 2 February, 2023

Eurozone inflation falls for first time in 17 months

The eurozone annual inflation rate slowed to 10 percent in November, falling for the first fall in 17 months, the EU statistics agency said Wednesday.

Boosted by soaring energy and food bills triggered by Russia's war in Ukraine, the rate of price increases had hit a new historic record every month since November 21.

Analysts had expected the inflation rate in the single currency area to fall but the drop was steeper than predicted by Bloomberg and FactSet, who foresaw 10.4 percent.

Inflation had hit 10.6 percent in October.