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Eurozone Edges Closer To Deflation In November

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Eurozone inflation will fall close to zero by the end of this year, economists said on Friday, after official data showed price rises dipped to a five-year low in November.

Experts said falling oil prices and weak demand would push annual inflation down to 0.1pc next month, after Eurostat figures showed consumer prices rose by 0.3pc in November compared with a year earlier, from 0.4pc in October.

This was in line with economists' expectations and the same rate as in September, which was also the lowest since October 2009.

The fall was driven by a decline in energy prices, which fell by 2.5pc in November compared with a year earlier. Brent crude fell to a five-year low on Thursday after the Opec oil producers' cartel members agreed to leave oil production quotas unchanged.

Economists said Friday's data and updated eurozone inflation projections next month would heighten fears that the 18 nation bloc is edging towards deflation and trigger additional stimulus by the European Central Bank (ECB). Data on Thursday showed prices in Germany rose by just 0.5pc in November, down from 0.7pc in October. [more at link]


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