Eurostat: Inflation in the EU Slowed Growth in November

The inflation rate in the European Union, the eurozone, and Croatia decreased in November on a year-on-year basis, with Belgium even recording deflation, according to a report released by Eurostat on Tuesday.

At the EU level, the annual inflation rate, measured by the harmonized index of consumer prices (HICP) which allows for comparisons among member states, fell to 3.1 percent in November, down from 3.6 percent in October, the European statistical office reported.

In the eurozone, inflation stood at 2.4 percent in November, slowing from 2.9 percent in October, in line with estimates published at the end of November. For comparison, in November of last year, inflation in the EU reached 11.1 percent, and in the eurozone 10.1 percent, the tables show.

Belgium the Only Country with Price Decline

Only in Belgium did prices fall on a year-on-year basis in November, by 0.8 percent, according to the Eurostat report. At the same time, Denmark and Italy had the lowest rate of consumer price growth in November compared to the same month last year, at 0.3 and 0.6 percent, respectively.

The highest annual inflation rate was recorded in the Czech Republic, at eight percent. This was followed by Hungary, at 7.7 percent, and Slovakia and Romania, with annual inflation rates of 6.9 percent. Poland is close behind, with an inflation rate of 6.3 percent.

Among the countries with the strongest growth in consumer prices, measured by HICP, Croatia also maintained an annual inflation rate of 5.5 percent, down from 6.7 percent in October, according to data already published by Eurostat at the end of November.

Bulgaria is closest to Croatia, with the same annual inflation rate, the Eurostat tables show. For comparison, in November of last year, the annual inflation rate in Croatia reached 13 percent.

Monthly Price Decline

In November, on a monthly basis, consumer prices in the EU fell by 0.4 percent, and in the eurozone by 0.6 percent. Eurostat’s estimate from the end of November indicated a price decline in the eurozone compared to October of 0.5 percent.

The largest price decline was recorded in Malta, at 2.9 percent. This was followed by Cyprus and the Netherlands, with a decline of 1.5 percent each.

In Croatia, consumer prices decreased by 0.4 percent in November compared to October, in line with Eurostat’s previously published estimate at the end of November. Lithuania and Denmark also had the same rate of price decline on a monthly basis, the latest report shows.

In the Czech Republic, Hungary, and Estonia, prices remained at October levels. The largest price increase in the Union was recorded in Poland, at 0.6 percent compared to the previous month, the tables show.