November inflation rate in Estonia was 21.4 percent

Euro bills and cents.
Euro bills and cents. Source: Karin Koppel/ERR

Eurozone inflation dropped to 10 percent in November, data from Eurostat reveals, and even though Latvia overtook Estonia as the Member State sporting the highest rate, price advance nevertheless came to 21.4 percent.

The Eurostat overview reveals energy prices contributed the most, followed by alcohol and tobacco.

Estonia clocked the fastest inflation in the Eurozone in October (24.2 percent). In November, inflation came to 21.7 percent in Latvia and 21.4 percent in both Estonia and Lithuania.

Inflation was 15.1 percent for Slovakia, with Belgium, Germany, Italy, the Netherlands, Austria, Portugal and Slovenia also seeing rates of over 10 percent.

Spain had the slowest inflation at 6.6 percent.

The Eurozone average was 10.6 percent, up from 9.9 percent in September.

The European Central Bank's last meeting of the year will take place on December 15 where it will be discussed whether the base interest rate should be hiked by another 0.75 or 0.5 points.

The ECB has hiked the base rate three times by 2 points since July. The aim of these steps is to return to inflation of 2 percent. The base interest rate hike also affects the Euribor on which home loan interest rates depend.


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Editor: Karin Koppel, Marcus Turovski

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