Eurozone inflation continues to rise in November

The inflation in the 19-country Eurozone continued to rise in November, official data showed on Wednesday, after its central bank cut a key interest rate to a record low and extended an asset purchasing program for three months.

The annual inflation in the single currency bloc stood at 0.2 percent in November, up from 0.1 percent in October, said Eurostat, the statistic agency of the European Union (EU).

The inflation in the wider 28-country EU also gained momentum in November and the reading was 0.1 percent, up from zero percent in October, according to the agency.

Prices increased in terms such as vegetables, restaurants, cafes and fruit, pushing up November's inflation. Energy price, however, still remained low and dragged down the performance.

There remained a huge disparity between countries, with Belgium seeing the highest annual rates at 1.4 percent but Cyprus running into lowest negative 1.5 percent. In all, negative annual rates were observed in 12 member states in November.

November's 0.2 percent inflation was still far away from the targeted around 2 percent set by the European Central Bank (ECB). To further promote the economy and inflation, ECB earlier this month decided to cut the deposit rate from minus 0.2 percent to minus 0.3 percent and continue its 60 billion euros(65.50 billion U.S. dollars) a month asset purchase program until March 2017. Endit