Brussels: After a long hiatus, inflation in the Eurozone has decreased following the fall in energy prices. For the first time in seventeen months, inflation has fallen. According to Eurostat, the drop in energy prices has reduced inflation from 10.6% in October to 10%. In October, energy prices increased by 41.5%. This was down from 34.9% the previous month.
However, food inflation increased slightly to 13.6% from 13.1%. Eurostat said inflation in industrial goods and services remained unchanged. Core inflation, which strips out higher energy and food costs, remained at 5%.
However, when we take the total into account, prices are felt in all sectors, including food items.
Prices in Ireland fell slightly as a result of the decline. The country’s consolidated consumer price index dropped from 9.4% to 9%. Ireland’s energy prices rose only marginally. Last month’s increase in energy prices was 0.1%, bringing the annual rate to 43%.
In October, energy prices in the country increased by 13.6%. On an annual basis, energy prices increased by 47.6%. The consumer price index for November will be published next week.
Meanwhile, the European Central Bank is planning another rate hike. A meeting for this purpose is expected to take place in December. It is expected that the interest rate will be raised by 0.5% to 0.75 %. The ECB hiked interest rates after inflation was five times higher than expected (two percent). Despite raising interest rates at a record pace, inflation and price increases have yet to be contained.
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