The rapid growth of inflation in the euro area has slowed down slightly, but remains at a level close to a record high.
On an annualized basis, inflation slowed from 10.6% to 10% at the end of November. This is the first decrease since June 2021. These are preliminary data from the European statistical agency Eurostat.
While the increase in energy prices decreased in November, prices for consumer goods continued to rise. Foodstuffs, alcohol and tobacco went up by 13.6%.
Inflation in the eurozone jumped after Russia’s invasion of Ukraine, which caused oil and gas prices to skyrocket.
European economies were particularly hard hit because of many countries’ dependence on Russian energy resources.
Moscow responded to Western sanctions by cutting oil and gas supplies through its pipelines to a minimum. European leaders condemned this move, calling it an energy war.
