Friday. 02.12.2022
INFLATION

Eurozone inflation rate climbs to highest point ever at 4.9%

Energy prices rose 27.4% year-on-year in the 19-country currency area in November
A woman heads into a Berlin supermarket on Monday. The annual rate of eurozone inflation climbed to its highest point ever in November, at 4.9 per cent, driven largely by surging energy prices, the EU statistical office Eurostat said on Tuesday. Photo: Annette Riedl/dpa.
A woman heads into a Berlin supermarket on Monday. Photo: Annette Riedl/dpa.

The annual rate of eurozone inflation climbed to its highest point ever in November at 4.9%, driven largely by surging energy prices, the EU statistical office Eurostat said on Tuesday.

This is the fastest year-on-year increase ever seen since 1997, when records began for the 19-country currency area.

The figures continue a months-long trend of surging prices that is the subject of growing concern in the European Union. The bloc's leaders are set to discuss energy at a summit next month.

Energy prices rose 27.4% year-on-year in the 19-country currency area in November, the Luxembourg-based agency said in its first estimate.

In October, prices increased 4.1% year-on-year. Before that, the last time the rate was above 4 per cent was in 2008.

Natural gas, electricity

Wholesale prices for natural gas have been soaring for months and the price of electricity has also risen significantly, with consumers feeling the effects in many countries.

The November rate is more than double the European Central Bank's new annual inflation target of 2%.

Eurozone inflation rate climbs to highest point ever at 4.9%
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