Final Eurozone inflation data for November:
- CPI YoY Final Actual 2.4% (Forecast 2.4%, Previous 2.4%)
- CPI MoM Final Actual -0.6% (Forecast -0.5%, Previous 0.1%)
- CPI Core YoY Final Actual 3.6% (Forecast 3.6%, Previous 3.6%)
In November 2023, the euro area experienced a significant decrease in annual inflation, dropping to 2.4% from October's 2.9%, a stark contrast to the 10.1% rate a year earlier. Similarly, the European Union's annual inflation also fell to 3.1% from 3.6% in October, down from 11.1% the previous year. According to Eurostat, Belgium, Denmark, and Italy recorded the lowest annual rates, while Czechia, Hungary, Slovakia, and Romania saw the highest. Inflation rates decreased in twenty-one Member States, remained stable in three, and increased in three. The largest contributors to the annual euro area inflation rate were services, food, alcohol & tobacco, non-energy industrial goods, and energy.
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Open account Try demo Download mobile app Download mobile appThe reaction on the EURUSD was limited. The Euro initially weakened in response to the low CPI data, but the move was quickly erased. It should be borne in mind that these are the final data, therefore the market was not surprised by the low readings.
Source: xStation 5
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