EU inflation soars to 30-year high

Annual consumer inflation in 19 EU states surged last month to a record 4.9% from 4.1% a month earlier, data from the European statistical agency Eurostat shows.

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A price increase of this scale was last recorded in the bloc in July 1991.

The figure, however, was in line with the Daily FX analysts’ forecast and the preliminary estimate.

The rise is a giant leap from last year, when Europe recorded a deflation of 0.3%.

In November alone, consumer prices in the euro area jumped by 0.4%.

Core annual inflation, which excludes volatile costs on energy and unprocessed food, also surged to 2.6% from 2% last month.

Experts say that higher energy prices and lingering supply chain disruptions are the key drivers of the price surge, having significantly slowed the EU’s post-pandemic economic recovery.

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