Inflation rate in the eurozone rose slightly in November, to 2.2%

The annual inflation rate in the eurozone rose in November, exceeding the European Central Bank's medium-term target of 2%, which is likely to keep interest rates unchanged this month, Reuters reports.

Preliminary data released Tuesday by the European Union's statistics office (Eurostat) show that the annual inflation rate in the eurozone accelerated in November to 2.2%, from 2.1% the previous month. Eurostat figures show that core inflation, which is what remains after volatile prices such as energy and food are removed, remained at 2.4% in November.

The data confirms the ECB's view that the annual inflation rate in the eurozone is under control and that officials have time to analyze price developments before adopting new monetary policy measures. Therefore, markets do not expect the ECB to change interest rates at its last meeting of the year on December 18.

Translated by: Radu Matei