Eurozone inflation climbs above ECB's target to 2.3% in November

Analysts urge further rate cuts

Euro area inflation ticked up to 2.3% in November, a rise from 2% in October, lurching above the European Central Bank’s target for the first time in three months.

According to Eurostat, the statistical office of the European Union, services remained a sticky price point, with the highest annual rate of any inflation component at 3.9%, down 0.1 percentage points from October's level. Food, alcohol and tobacco also fell by 0.1 percentage points to 2.8% while non-energy industrial goods and energy prices both increased, from 0.5% to 0.7% and -4.6% to -1.9%, respectively.  ECB cuts interest rates to 3.5% amid softer inflation figures and faltering growth November's rate marked the first return to a level above the ECB's 2% target since August.  ...