The year-on-year rate of inflation in the euro area decreased to 10% in November 2022 from a record 10.6% in October. TASR informs about this on the basis of a quick estimate published by the European statistical office Eurostat on Wednesday.
At the same time, economists expected that the inflation rate in the region, which pays with the euro, would decrease less in November, to 10.4%. The November drop in inflation is the first since June 2021. The slowdown in the growth of energy prices contributed to this.
The preliminary estimate showed that energy costs increased year-on-year by 34.9% in November (by 41.5% in October). Growth in service prices is also likely to have slowed this month (to 4.2% from 4.3%), while food, alcohol and tobacco prices have accelerated (to 13.6% from 13.1%).