Eurozone inflation rocketed to its highest ever level in November as energy prices sent the cost of living soaring

Eurozone inflation rocketed to its highest ever level in November as energy prices sent the cost of living soaring

Eurozone inflation rose at its fastest ever rate in November, as a jump in energy prices and snags in global supply chains sent the cost of living soaring. The rate of consumer prices in the 19-member currency bloc was up 4.9% year-on-year in November, according to an early estimate released by Tuesday. That's the highest figure since the eurozone was founded in the late 1990s. November's inflation print came in above economists' expectations of 4.5% and significantly higher than October's figure of 4.1%. Inflation is now far above the European Central Bank's target of 2%, adding to the pressure on the central bank. The ECB has said so far that strong inflation will be transitory and has pledged to keep up its support for the economy. German inflation increased 6% in November compared with a year earlier, the country's highest reading since 1992. French inflation hit 3.4%, its highest level since 2008. The was last up 0.6% to $1.136, on a day when markets were about the new Omicron coronavirus variant. Energy prices have been the key factor pushing up inflation across Europe in 2021. Natural gas prices in particular have skyrocketed as economies have lifted coronavirus restrictions, stoking demand.