driven by energy prices, inflation at a record high in November

Driven by steadily rising energy prices, the inflation rate in the euro area hit a record high in November, at 4.9% year on year, according to the first monthly estimate released Tuesday by Eurostat.

Read alsoInflation weighs on European recovery

In October, the inflation rate in the 19 countries that adopted the single currency had already jumped to 4.1% year-on-year, the highest since July 2008, according to the European Statistical Office. Since June, inflation has increased every month in the euro zone: it had reached 3% in August, still year-on-year, before climbing 3.4% in September.

A 6% increase over one year in the harmonized price index

Once again, consumer prices were propelled by soaring energy costs. “Energy is expected to experience the highest annual rate in November (+ 27.4%, compared to 23.7% in October)Eurostat said in a press release on Tuesday. Among the other components of inflation in the euro zone are cited the services sector (2.7%, compared to 2.1% in October), that of industrial goods excluding energy (+ 2.4%, against 2, 0% in October) then food, alcohol and tobacco (2.2%, after 1.9% in October).

In Germany, the euro zone’s largest economy, inflation peaked at more than 5% in November over one year (5.2% after 4.5% in October), according to the national statistics office Destatis. The harmonized price index, which serves as a benchmark at European level, has posted an increase of 6% over one year, atomizing the European Central Bank’s (ECB) objective of inflation at 2% in the euro area .

Read alsoEuro zone: the growth of loans to businesses is accelerating, according to the ECB

According to Eurostat figures, the inflation rate over one year, particularly high in the three Baltic countries (at 7.4% or above), is also higher than the euro area average in Belgium ( 7.1%), Spain (5.6%) and the Netherlands (5.6%). In France and Italy, it is posted, again for November, at 3.4% and 4.0% respectively.