In the eurozone countries, inflation rose to a record 4.9 percent, Eurostat confirmed its preliminary estimate. It is also an increase of eight tenths of a percentage point compared to October.
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Price growth in the euro area is increasingly exceeding the European Central Bank’s (ECB) 2% inflation target. But unlike some analysts, it seems that inflation has probably peaked and will start to fall. The bank announced on Thursday that it will end the program of bond purchases under the emergency pandemic program PEPP in March next year, but is not planning any changes in interest rates.
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Year-on-year growth in energy prices, which is trying to mitigate the effects on the population of most member states, accelerated to 27.5 percent in November. In October, energy prices rose by 23.7 percent.
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Inflation also rose in services, which rose by 2.7 percent year on year. Inflation also rose slightly for food, alcohol and tobacco products, reaching 2.2 percent.
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Czech exception
Compared to October, in the eleventh month of the year, the value of inflation increased in all 27 member states except the Czech Republic, where it remained at 4.8 percent.
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The fastest prices were recorded in the Baltic states of Lithuania (9.3 percent) and Estonia (8.6 percent), followed by Hungary (7.5 percent). Prices grew the least in Malta (2.4 percent), Portugal (2.6 percent) and France (3.4 percent).
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