Inflation in the eurozone rose 10% in November, slightly below a 10.6% growth in October and 10.3% forecast by economists. Still, inflation at 10% is a high figure that would pressure the European Central Bank to take another step to deal with rising prices. Energy and food costs remain major contributors to this high inflation.
ECB President Christine Lagarde said earlier this week that the central bank expected to raise rates further to the level that would ensure inflation to return to the 2% target in a timely manner.
The central bank estimated earlier that annual headline inflation will reach 8.1% this year and 5.5% in 2023.
