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Business

Data shows return to inflation in November

Text by News Wires

Latest update : 2009-11-30

Consumer prices rose 0.6 percent in the Eurozone in November, after five consecutive months of dropping prices, marking the return of inflation.

AFP - Prices across the 16 nations using the euro rose in November for the first time in seven months, according to official figures released Monday.
  
Prices were up 0.6 percent during the month, according to the initial estimate, a turnaround from a 0.1 percent drop in October and the first time consumer prices among the countries using the euro have risen since April.
  
October's fall had marked the fifth consecutive monthly drop in consumer prices, the first such decline since households began paying for goods in euro notes and coins at the start of 2002.
  
Prices were stable in May.
  
After hitting a record high point of four percent in June and July 2008, eurozone inflation fell sharply amid the global economic downturn.
  
After last month's very minor price drop analysts had expected inflation to resume in November amid rising oil prices.
  
Nevertheless eurozone inflation remains well below the European Central Bank's target of just under 2.0 percent.
  
 

Date created : 2009-11-30

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