The European Union saw its inflation rate climb to 2.5% in November, marking an increase from October’s 2.3%, according to Eurostat data. The Czech Republic continues to experience higher inflation rates, with Eurostat reporting a rise to 3.1% from October’s 3%.
While different methodologies yield varying results – the Czech Statistical Office reports a steady 2.8% inflation rate for the country – the overall trend shows persistent price pressures. In the Eurozone specifically, inflation reached 2.2%, slightly higher than the previous month.
The monthly figures reveal contrasting patterns across Europe. While the Eurozone and EU as a whole saw prices decrease by 0.3% and 0.2% respectively, the Czech Republic experienced a modest 0.1% increase. This represents significant progress from November 2023, when Czech inflation stood at 8%.
Across the EU, Ireland emerges as the country with the lowest inflation at 0.5%, followed by Lithuania and Luxembourg at 1.1%. On the other end of the spectrum, Romania leads with 5.4%, followed by Belgium at 4.8% and Croatia at 4%.
Services were the main driver of inflation in the Eurozone, contributing 1.74 percentage points to the overall rate. Food, alcohol, and tobacco added another 0.53 percentage points, while energy prices had a deflationary effect, reducing the total by 0.19 percentage points.