The inflation rate in the countries of the European Union fell by half a percentage point to 3.1 percent in November and is the lowest in about two years. This was announced by the statistical office Eurostat in its report.
The Czech Republic has the highest inflation in the entire Union, where prices rose by 8.0 percent year-on-year. On the contrary, there is already deflation in Belgium, where prices fell by 0.8 percent year-on-year.
In the countries of the eurozone, the inflation rate also fell by half a point in November and amounted to 2.4 percent, Eurostat confirmed its original estimate. Inflation in the entire EU is not included in the estimate. A year ago, i.e. last November, the inflation rate was 10.1 percent in the Eurozone and 11.1 percent in the entire Union.
Inflation is lower than in the Czech Republic, for example, in Hungary, which was the worst in the Union for a long time. Now inflation is 7.7 percent. In Poland, the inflation rate remained at the October value of 6.3 percent, in Slovakia it fell to 6.9 percent. A year ago, inflation was 17.2 percent in the Czech Republic, 23.1 percent in Hungary, 15.1 percent in Slovakia and 16.1 percent in Poland.
However, the Czech result was optically worsened by last year’s introduction of a cost-saving tariff, which helped households with high energy prices. So the result was a reduction in prices, so the current development is compared to an artificially lowered base from last year.
After Belgium, Denmark had the lowest inflation rate in the EU countries, where it was 0.3 percent. The third best was Italy, where prices rose by 0.6 percent year-on-year. On the other hand, the second worst country after the Czech Republic was Hungary, followed by Slovakia and Romania, each with 6.9 percent. Compared to October, in the twenty-seven member states, the inflation rate eased in 21 countries, remained unchanged in three and increased in three.
In the eurozone, services contributed the most to inflation, with a contribution of 1.69 percentage points. This was followed by the food, alcohol and tobacco category with a contribution of 1.37 percentage points. On the contrary, energy contributed the most to easing inflation –1.41 percentage points.