Inflation in the eurozone reached 2.3% in November, exceeding the European Central Bank's target of 2%. According to Eurostat, the price increase in November was mainly due to the underlying effects in the energy sector, as well as the continued high level of prices for services. Prices for manufactured goods (excluding energy) rose for the second month in a row, while core inflation (excluding food and energy prices) remained at 2.7%. Despite exceeding the target, the ECB intends to cut the interest rate by 0.25 percentage points at the December meeting. Although some ECB members, fearing weak economic growth in Europe and its impact on achieving the inflation target, advocate a more aggressive reduction in the deposit rate from the current 3.25% to 2%, considering this level neutral. Concerns about the slowdown in the economy and the return of inflation to the target level are also reflected in the market. The key market indicator of medium-term inflation expectations fell below 2% this week for the first time since 2022.
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