Inflation in eurozone soars to 4.9% – highest on record
Inflation across the 19-member eurozone soared to 4.9% this month, outstripping City forecasts and putting pressure on the European Central Bank to review its policy of ultra-low interest rates.
With some investors reacting to the news by accusing the ECB of allowing inflation to run out of control, the European statistics agency Eurostat said its early flash reading of inflation in November had reached the highest level since relevant records began in 1997.
High gas prices and the cost of imported goods were blamed for the inflationary surge. Energy prices, including oil and gas, jumped 27% from November 2020, Eurostat said, to increase the headline rate from 4.1% in October.
France suffered a 3.4% inflation increase, its highest in a decade,
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