In November 2024, the annual inflation rate in the euro area reached 2.2%, an increase from 2.0% recorded in October. This figure is slightly lower compared to the previous year's rate of 2.4%. In the European Union as a whole, the annual inflation rate rose to 2.5% from 2.3% in October, down from 3.1% a year earlier. These statistics have been published by Eurostat, the European Union's statistical office.
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Among the EU Member States, the lowest inflation rates were observed in Ireland (0.5%), Lithuania (1.1%) and Luxembourg (1.1%). In contrast, the highest rates were recorded in Romania (5.4%), Belgium (4.8%), and Croatia (4.0%). Compared to October 2024, inflation fell in four Member States, remained unchanged in three, and increased in 20 others.
The main contributor to the euro area inflation rate in November 2024 was the services sector, accounting for +1.74 percentage points. This was followed by food, alcohol, and tobacco (+0.53 pp), non-energy industrial goods (+0.17 pp), while energy continued to have a negative contribution of -0.19 pp.
Table: Eurostat.
The inflation rate was 2.4% in November 2023, rising to 2.5% in June 2024, and reaching 2.6% in July 2024 before declining to 2.2% in October 2024. The monthly inflation rate was -0.3% in November 2024.
Eurostat highlighted the variation in inflation rates across different countries, with notable differences in the euro area and the wider EU. In November 2024, Ireland, Lithuania, and Luxembourg continued to report the lowest rates, while Romania, Belgium, and Croatia registered the highest. Romania's inflation rate of 5.4% marked a slight increase from previous months, reflecting ongoing price pressures.
In terms of inflation composition, services played the most significant role, contributing 1.74 pp to the overall euro area inflation rate, while food, alcohol, and tobacco contributed 0.53 pp. Energy continued to exert downward pressure, contributing -0.19 pp.
Eurostat's next flash estimate for December 2024 inflation is scheduled for release on 7 January 2025, offering further insights into the evolving price dynamics within the euro area and the European Union.
More information:
Eurostat
ec.europa.eu