French newspaper Le Figaro has reported that, for the first time in 17 months, inflation in the Eurozone has fallen.
According to a publication from Eurostat, in November inflation fell to 10% on average across eurozone nations. This is a decline from 10.6% in October and represents the first time the rate has fallen in the previous month since June 2021.
During the second half of 2021, inflation rose from 1.9% in June to pass the 5% in January. However, the Russian invasion of Ukraine caused a rapid surge in prices, leading to a jump 5.9% in February to 7.4% in March. As the year has progressed, it has exceeded 10%. But, in a relief to citizens across the continent, November witnessed a fall in inflation, largely credited to a decline in energy prices.
Of course, relying on the Eurozone average covers up the fact that there has been great diversity in the experience of individual nations with inflation. The three Baltic countries have suffered the most, with Lithuania, Estonia and Latvia all having inflation rates of between 21-22%. Conversely, Spain has the lowest rate of inflation, at 6.6%, with France the second lowest at 7.1%.
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