Euro area inflation edges closer to target in November with fall to 2.4%

Down from 2.9% in October

Annual inflation in the euro area fell to 2.4% in November, according to official statistics from Eurostat, down from 2.9% in October, as it edges towards the European Central Bank’s 2% target.

The fall marks a significant reduction from a year ago in November 2022, when the inflation rate sat at 10.1%. The biggest contributor to euro area inflation last month came from services (1.7 percentage points), followed by food, alcohol and tobacco (+1.4), non-energy industrial goods (+0.8) and  energy (-1.4). Across the entire European Union, inflation also fell sharply compared to a year ago, coming in at 3.1% last month, a decrease from 3.6% in October, and down from 11.1% in November 2022. Bank of Japan holds off on raising negative rates Inflation fell in twenty-one EU me...