Data from the European Statistics Authority, Eurostat, showed, on Friday, that the consumer price index in 19 countries fell to 10.1 percent in November in the final reading, after the index recorded a historical level last October at 10.6 percent.
Expectations were that the consumer price index would remain unchanged from the first reading at 10 percent.
Eurostat data showed, at the end of last November, that the rise in food prices was the main driver of inflation growth, but the stability in energy prices contributed to calming its growth rate during November.
The core inflation rate, which excludes energy and food prices, remained unchanged at 5 percent in November in the final reading, the same rate recorded by the index last October.
On Thursday, the European Central Bank raised interest rates by 50 basis points, in line with expectations, indicating that it expects to increase interest rates more widely in the coming period.
According to the European Central Bank’s statement, the main interest rate rose to 2.5 percent, and the interest on deposits rose to 2 percent.
The European Central Bank’s move is seen as an easing of the interest rate hike, after it raised it by 75 basis points, twice, in October and September, in an attempt to control high inflation.
The European Central said that the eurozone economy may contract in the current and next quarters due to high energy prices, but it still expects weak economic growth in 2023.
The bank cut its growth forecast for the next year from 0.9 to 0.5 percent, expecting higher growth of 1.9 percent in 2024 and 1.8 percent in 2025.
The ECB also expected inflation to reach 6.3% next year before declining to 3.4% in 2024 and 2.3% in 2025, approaching the 2% target over time.
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