Dec 16, 2022
Euro-Area Inflation at 10.1% Slowed Less Than Thought Last Month
Bloomberg News
,(Bloomberg) -- Euro-area inflation slowed less than initially reported in November, supporting the European Central Bank’s hawkish plans to fight price pressures.
The 19-member currency zone saw consumer prices increase 10.1% from a year earlier, according to Eurostat numbers published Friday. That’s down from 10.6% a month earlier, but 0.1 percentage point higher than a preliminary reading.
The first slowdown in inflation in 1 1/2 years allowed the ECB to reduce the pace of its rate hikes this week, increasing borrowing costs by a half point, after two consecutive 75 basis-point moves. Still, faced with forecasts that show consumer-price growth will stay above the 2% target through 2025, President Christine Lagarde signaled more half-point steps at the first two meetings next year.
--With assistance from Barbara Sladkowska.
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