Euro area & EU inflation rates show decline in November 2023

21 Dec '23

1 min read

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In November, the euro area and EU saw annual inflation rate decreases, with the euro area dropping to 2.4 per cent from October's 2.9 per cent, and the EU to 3.1 per cent from 3.6 per cent.
These figures are notably lower than the previous year's rates.
Member state inflation rates varied, with Belgium at -0.8 per cent and Czechia at 8.0 per cent.

The annual inflation rates for both the euro area and the EU as a whole declined in November 2023. The euro area saw its annual inflation rate drop to 2.4 per cent, a decrease from the 2.9 per cent recorded in October. Compared to the same month last year, when the rate was 10.1 per cent, this represents a significant reduction, as per Eurostat, the statistical office of the European Union (EU).

Similarly, the EU experienced a reduction in its annual inflation rate, which was 3.1 per cent in November 2023, down from 3.6 per cent in October. This rate is markedly lower than the 11.1 per cent rate seen a year earlier.

However, these figures mask considerable variations among member states. Belgium, Denmark, and Italy reported the lowest annual rates, with Belgium even experiencing negative inflation (-0.8 per cent). On the other end of the spectrum, Czechia, Hungary, Slovakia, and Romania recorded the highest annual rates, with Czechia reaching 8.0 per cent, Eurostat said in a press release.

Comparing month-to-month changes, twenty-one member states witnessed a fall in their annual inflation rates, while three saw no change and another three experienced an increase.

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