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Prices surge to near 30-year high as energy gains make ECB communications more difficult.
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Eurozone inflation surged to an annual rate of 4.9% in November from 4.1% a month earlier, according to data released by Eurostat on Tuesday. The outturn far exceeding analysts’ expectations, taking inflation within spitting distance of the 5.0% pace recorded in July 1991.
Energy prices rose by 2.9% between October and November, for an annual rise of 27.4%, far above the 17.6% increase of October. Excluding food, energy, alcohol and tobacco, core HICP rise by 2.6%, up from 2.0% in October.
The surge in inflation has left the European Central Bank with a communications dilemma. Earlier on Tuesday, Vice President Luis de Guindos admitted that ECB -- like other forecasters --underestimated inflation developments in 2021. “The outlook for price developments isn’t entirely clear,” he told the French newspaper Les Echos, adding that prices pressures should “fade next year.”
Tuesday’s release is the final HICP reading before the ECB next announces a policy decision on 16 December.