Inflation across eurozone hits record high of 4.9%

Economy 19:23 30.11.2021
Consumer prices across the 19 countries that use the euro currency are rising at a record rate, official figures show.
 
Eurostat, the European Union’s statistics agency, said the eurozone’s annual inflation rate hit 4.9% in November, the highest since records began in 1997.
 
This was largely as a result of a huge spike in energy costs and up from 4.1% the previous month, which was the previous record high.
 
Like others, the eurozone, which is made up of 19 economies including France and Germany, is enduring big price hikes as a result of the recovery from the coronavirus pandemic and blockages in supply chains.
 
The core inflation rate, which strips out potentially volatile items such as alcohol, energy, food and tobacco, also spiked higher in November to an annual rate of 2.6%, from 2%.
 
That points to the headline rate already having second-round effects, through higher wages, for example.
 
The increases, under normal circumstances, would likely pile the pressure on the European Central Bank to start considering the prospect of raising its main interest rate from a record low of zero. The bank is tasked with setting policy to meet a 2% inflation target.
 
However, the recently discovered Omicron variant of the coronavirus has prompted some uncertainty over the global economic outlook, and as a result, central banks around the world are expected to hold back from announcing any big policy changes soon.
 
Many economists think the inflation spike over recent months will reverse next year as base effects linked with the sharp fall in prices during the pandemic last year, primarily of energy, are stripped out from annual comparisons.
 
Records started being compiled two years before the actual launch of the euro in 1999, which fixed Europe’s many currencies such as the French franc and the German deutschmark. In 2002, euro notes and coins first came into speculation.
IEPF issued a statement regarding Azerbaijani children at the UN Human Rights Council

News line

Southeast Asian bloc reiterates support for voluntary return of displaced Rohingya to Myanmar
21:15 11.07.2025
UN refugee agency expresses ​concern over Greece's suspension of asylum applications
21:00 11.07.2025
Türkiye rejects remarks that deny Srebrenica genocide in defiance of international court rulings: President Erdogan
20:45 11.07.2025
Pope calls for global AI governance to uphold human dignity, foster dialogue
20:30 11.07.2025
Finland announces formal withdrawal from Ottawa landmine treaty
20:05 11.07.2025
German government plans to purchase 15 additional F-35 fighter jets: Report
19:45 11.07.2025
Israel plans to retain military presence near Rafah, prepares massive displacement camp: Report
19:20 11.07.2025
The Abu Dhabi Format: A new Blueprint for Azerbaijan-Armenia Peace OPINION
19:00 11.07.2025
Group of PKK terrorists destroys weapons in northern Iraq
18:45 11.07.2025
Azerbaijan junior diving team claims three golds at Sofia Cup in Bulgaria
18:30 11.07.2025
Poland to keep border checks with Germany in place amid migration concerns
18:15 11.07.2025
The Role of Civil Society Organizations at the UN – Another Training Session by IEPF
18:04 11.07.2025
UNRWA warns Israel’s Gaza displacement plan would create ‘massive concentration camps’
18:00 11.07.2025
Azerbaijani athlete wins silver at int’l para-taekwondo tournament
17:45 11.07.2025
Two more Azerbaijani monuments included in UNESCO's World Heritage Tentative List
17:30 11.07.2025
Azerbaijan, Kazakhstan agree on first supply of flour under joint brand
17:15 11.07.2025
EU, Ukraine creating new alliance on innovative defense technologies
17:00 11.07.2025
AK Party official: Türkiye is confidently moving towards liberation from terrorism
16:45 11.07.2025
Inam Karimov sees great potential for strengthening cooperation with Pakistan's judicial authorities
16:30 11.07.2025
Kyiv to allocate $6.2 million to drone interceptor program
16:15 11.07.2025
Azerbaijan and Kazakhstan Explore Partnership in Broadcast Media
16:00 11.07.2025
BP Supports Celebration of 150 Years of Azerbaijani National Press
15:45 11.07.2025
Ukraine’s Defense Minister Considered for US Ambassador Role — Zelenskyy
15:30 11.07.2025
Seminar by Dr. Aytakin Huseynli, Assistant Research Professor at Washington University (USA), held at Azerbaijan State Pedagogical College under ASPU
15:28 11.07.2025
Head of Tashir Pizza Arrested by Armenian Authorities
15:15 11.07.2025
Positive Growth: Azerbaijan’s Economy Expands by 1.5% in Latest Figures
15:00 11.07.2025
Azerbaijani president approves creation of unified municipal information system
14:45 11.07.2025
IDF officer killed in apparent accidental explosion in southern Gaza
14:30 11.07.2025
Azerbaijan Railways, Chinese Company ink MoU
14:15 11.07.2025
Luxury £80M Brit superyacht bursts into flames in exclusive hols resort
14:00 11.07.2025
Ilham Aliyev receives Georgia's Minister of Economy and Sustainable Development
13:45 11.07.2025
Azerbaijan, Rwanda discuss potential supply of export products
13:30 11.07.2025
Kyrgyzstan imposes fines for spreading fake information on social networks
13:15 11.07.2025
Azerbaijan, China sign document on cooperation in civil aviation
13:05 11.07.2025
Investigation of Air India crash points to possible human error rather than Boeing 787 failure
13:00 11.07.2025
S. Korea, US, Japan hold 1st 3-way high-level diplomatic talks since Lee gov't launch
12:45 11.07.2025
International travelers visit Azerbaijan’s Kalbajar
12:30 11.07.2025
France, UK ready to create joint corps to ensure ceasefire in Ukraine
12:15 11.07.2025
Lula says Trump's tariff letter ‘absurd’, threatens 50% duties on US goods
12:00 11.07.2025
US strikes on Iranian nuclear sites met 'objectives': Pentagon
11:45 11.07.2025
Hamısı