BRUSSELS, (Reuters) – The Euro zone’s inflation rate rose to the highest level ever recorded in November according to Eurostat, the statistics unit of the European Union. More than half the rise was due to an increase in energy prices.

Eurostat stated that the inflation rate in the 19 Euro-sharing countries rose to 4.9%. This is a rise year-over-year in line of an earlier Eurostat estimate. From 0.5%, it was revised downwards to 0.4%.

The ECB is determined to maintain inflation at 2.0% over the medium-term and repeatedly stated that the current inflation spike was temporary. However, the bank believes that prices will fall in 2022.

Eurostat reported that the annual total for energy prices was 2.57 percent higher than inflation and 1.16 percentage points respectively for services and non-energy goods. Food, tobacco, and alcohol were each up 0.49 points.

The ECB called core inflation which excludes volatile energy and unprocessed prices of food. Prices increased 0.1% in the month, for a gain of 2.6% annually.

A narrower measurement, which excludes tobacco and alcohol, was used by economists to show prices that were unchanged for the month, and up 2.6% compared with a year ago.

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http://ec.europa.eu/eurostat/news/news-releases