Inflation in Europe rises to 2.3%, growth concerns dominate ECB discussions

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Inflation in Europe rises to 2.3%, growth concerns dominate ECB discussions - Business Standard

Quick Summary:

The European Union's harmonised index of consumer prices stood up 2.3 per cent in the year to November, up from 2.0 per cent in October, the EU statistics agency Eurostat reported Friday.Energy prices fell 1.9 per cent from a year ago, but that was offset by price increases of 3.9 per cent in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment.

Inflation in the 20 countries that use the euro currency rose in November but that likely won't stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.

Inflation has come down a long way from the peak of 10.6 per cent in October 2022 as the ECB quickly raised rates to cool off price rises.