Eurozone inflation slows to 10.0% in November - Eurostat

November 30, 2022 6:18 AM EST

By Scott Kanowsky -- Eurozone inflation fell by more than expected to 10.0% in November, according to preliminary data on Wednesday from the European Commission's statistics arm Eurostat.

The figure is down from a revised reading of 10.6% year-on-year in October and below economists' forecasts of 10.4%.

The drop also breaks a 12-month streak of fresh record highs for the monthly consumer price index. However, the number still remains at heavily elevated levels compared to the rest of the currency area's over two-decade history - and five times the European Central Bank's stated 2% target.

ECB president Christine Lagarde has regularly stated that tackling inflation is one of her top goals, and has hinted that policymakers will continue to raise interest rates even if it comes at the expense of broader economic activity.

The ECB has hiked its rate on bank deposits by 200 basis points to 1.5% over the past three months in an attempt to cool down red-hot demand.

Earlier this week, Lagarde argued that price growth has yet to peak and could still go even higher than current forecasts predict.

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