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Eurozone inflation hits 31-month high in November

Xinhua, December 1, 2016 Adjust font size:

Euro area annual inflation is expected to be 0.6 percent in November, hitting a 31-month high, according to a flash estimate from on Thursday Eurostat, the statistical office of the European Union (EU).

Among the main components of the inflation, services is expected to have the highest annual rate at 1.1 percent, followed by food, alcohol and tobacco at 0.7 percent. Energy prices actually fell by 1.1 percent.

The core inflation which strips out volatile energy and unprocessed food from the figures stood at 0.8 percent, a tenth of a point higher than October.

The annual inflation data provides relief for the European Central Bank as it hopes a higher level of inflation in the euzozone, at around 2 percent in the medium term.

The ECB's Governing Council will meet next Thursday to decide whether to continue its bond-buying program after next March which is the scheduled end date. Endit