Sunday, December 20, 2009

EU and Eurozone inflation in November 2009

Last Wednesday, December 16, Eurostat announced the inflation rates for the EU and its Eurozone for November 2009.

Eurozone's annual inflation rate was +0.5% in November 2009, up from -0.1% in October. A year earlier the rate was 2.1%. Monthly inflation was 0.1% in November 2009.

The EU's annual inflation was 1.0% in November 2009, up from 0.5% in October. A year earlier the rate was 2.8%. Monthly inflation was 0.2% in November 2009.


Member States:

In November 2009:
The lowest annual rates were observed in Ireland (-2.8%), Estonia (-2.1%) and Latvia (-1.4%),

The highest in Hungary (5.2%), Romania (4.6%) and Poland (3.8%).

Compared with October 2009, annual inflation fell in one Member State, remained stable in three and rose in twenty-three.

The lowest 12-month averages up to November 2009 were registered in Ireland (-1.4%), Portugal (-0.8%) and Spain (-0.2%), and the highest in Romania (5.7%), Lithuania (4.8%) and Latvia (4.2%).


Euro area - inflation parameters:

The main components with the highest annual rates in November 2009 were alcohol & tobacco (4.5%), miscellaneous goods & services (2.2%) and education (1.6%), while the lowest annual rates were observed for food (-1.2%), housing (-1.0%) and communications (-0.7%).

Concerning the detailed sub-indices, tobacco (+0.13 percentage points), fuels for transport (+0.12) and rents (+0.08) had the largest upward impacts on the headline rate, while gas (-0.30), heating oil (-0.11), milk, cheese & eggs and cars (-0.09 each) had the biggest downward impacts.

The main components with the highest monthly rates were transport (0.7%), alcohol & tobacco (0.5%) and clothing (0.4%), while the lowest were communications (-0.5%), recreation & culture and hotels & restaurants (-0.4% each). In particular, fuels for transport (+0.12 percentage points), heating oil, tobacco and vegetables (+0.02 each) had the largest upward impacts, while accommodation services (-0.05), package holidays (-0.04), air transport (-0.03) and telecommunications (-0.02) had the biggest downward impacts.

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