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Business Maverick: Euro-Zone Inflation Finally Slows in Sign of Hope for ECB

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Euro-zone inflation slowed for the first time in 1 1/2 years, offering a glimmer of hope to the European Central Bank in its struggle to quell the worst consumer-price shock in a generation.

The reading for November was 10%, Eurostat said Wednesday, less than the 10.4% median estimate of economists surveyed by Bloomberg. The drop, from 10.6% in October, was the biggest since 2020 and was thanks to slower advances in energy and services costs, even as food prices grew more quickly.

While only a single month of data, the flickering prospect of weakening price pressures will bring relief to the ECB after the frustration of half a year of figures repeatedly exceeding economist forecasts. It coincides with US statistics from October that went in the same direction, emboldening some Federal Reserve officials to consider a downshift in the pace of rate hikes.

The numbers follow a string of weaker consumer-price readings from around the euro region this week. Inflation moderated in Germany, Italy, Spain and the Netherlands. In France, it unexpectedly held steady. Price growth only accelerated in three euro-area nations.

 

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