Euro Area Inflation Down to 2.2 Percent in November


Euro area annual inflation was 2.2 percent in November 2012, down from 2.5 percent in October. A year earlier the rate was 3.0 percent. Monthly inflation was -0.2 percent in November 2012.

 

The main components with the highest annual rates in November 2012 were alcohol & tobacco (3.7 percent), housing (3.6 percent) and transport (3.0 percent), while the lowest annual rates were observed for communications (-4.1 percent), household equipment and recreation & culture (both 1.1 percent). Concerning the detailed sub-indices, fuels for transport (+0.14 percentage points), electricity (+0.10) and gas (+0.08) had the largest upward impacts on the headline rate, while telecommunications (-0.20), cars and financial services (-0.06 each) had the highest downward impacts. 
 
The main components with the highest monthly rates were food and clothing (both 0.4 percent), alcohol & tobacco and household equipment (both 0.1 percent), while the lowest monthly rates were observed for transport (-1.3 percent), communications (-0.7 percent) and hotels & restaurants (-0.6 percent). In particular, garments and meat (+0.03 each) had the highest upward impacts, while fuels for transport (-0.15), accommodation services (-0.06), air transport and package holidays (-0.03 each) had the largest downward impacts. 
 
In November 2012, the lowest annual rates were observed in Greece(0.4 percent), Sweden(0.8 percent) and Cyprus(1.4 percent), and the highest in Hungary(5.3 percent), Romania(4.4 percent) and Estonia(3.8 percent). Compared with October 2012, annual inflation fell in twenty-four Member States, remained stable in one and rose in one.

Eurostat | Andre Crujo | andre@tradingeconomics.com
12/14/2012 10:03:19 AM