Eurozone inflation falls for the first time in over a year
19 countries that use the euro as currency saw inflation drop to 10% in November
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Inflation in Europe dropped for the first time in 1 1/2 years in November as officials hope rising prices have finally reached their peak.
The statistical office of the European Union, Eurostat, announced on Wednesday that inflation in November is expected to fall from 10.6% from the prior month to 10%. These inflation numbers are representative of the 19 countries that use the euro as currency.
Annual inflation is measured by the current price level of goods and series in Europe between the current month of November and the same period last year. However, monthly inflation is the price level measured between the current and past months.
Countries such as Germany saw its annual inflation fall from 11.6% to 11.3%, while Italy stands at 12.5%, slightly down from 12.6% in October. France saw no change to its inflation at 7.1%, and Spain dropped significantly from 7.3% to 6.6%.
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Meanwhile, energy was measured at the highest inflation rate in November at 34.9% but still down from October's 41.5%. Food, alcohol and tobacco rose to 13.6% from 13.1% last month.
Non-energy industrial goods remained steady at the prior's inflation rate of 6.1%, and services were slightly down from 4.3% in October to 4.2%, according to Eurostat.
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Food and energy prices, which stayed at 5%, represent the most volatile inflation swings in the Eurozone. The flash estimate offered by Eurostat is made public at the end of each reference month.
Policymakers and financial officials hope November's inflation numbers indicate that rising prices are set to peak as the European Central Bank considers raising rates.