Eurozone inflation rises less than expected, more in Germany – DW – 12/18/2024

Inflation in the European Union’s single currency area has increased for the second month in a row – albeit slightly less than expected.

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In Germany, however, inflation rates remained above the Eurozone average.

According to the Luxembourg-based statistics office Eurostat, average consumer prices in November rose by 2.2% year-on-year, down slightly from the predicted 2.3%.

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In October, they had risen by 2% and in September by 1.7%.

Looking at individual Eurozone countries, Belgium experienced the steepest November increase at 4.8%, with Romania and Croatia not far behind. The latter only adopted the Euro in January 2023.

Inflation in Germany also remained above average at 2.4%, while France and Italy remained below 2%.

The lowest annual rates were registered in Ireland, Lithuania and Luxembourg.

With inflation having climbed down from the highs of over 10% reached in late 2022 following Russia’s full-scale invasion of Ukraine, the underlying trend remains in line with the European Central Bank (ECB)’s medium-term target of 2%.

Eurozone construction production also up

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Meanwhile, Eurozone construction production also expanded strongly in October after falling in the previous month.

According to Eurostat data, construction output rose by 1% after suffering a 0.3% drop in September. This represented the strongest growth since February 2023.

Analysts said the rebound in output was driven by a 1.6% growth in civil engineering activity, a 0.7% rise in the building sector, and a 0.5% gain in specialized construction activities.

The largest monthly increases in construction production were recorded in Austria, Hungary and Portugal, while decreases were observed in Romania and Poland.

mf/lo (dpa, AFP)