Annual inflation last month slowed to 2.1 per cent from 2.4 per cent in October 2024. 

The National Statistics Office said the highest annual inflation rates in November were recorded in education (4.8 per cent) and transport (4.3 per cent). On the other hand, the lowest annual inflation rates were registered in communication (-4.5 per cent) and clothing and footwear (-1.8 per cent).

In November 2024, the largest upward contribution to the overall annual inflation was registered in the Food and non-alcoholic beverages Index (+0.61 percentage points), largely due to higher prices of milk. The second and third largest contributions were measured in the Transport Index (+0.53 percentage points) and the Restaurants and hotels Index (+0.42 percentage points), mainly on account of higher prices of air transport services and restaurant services, respectively.

The downward contributions to the overall annual inflation were registered in the Communication Index (-0.17 percentage points), the Clothing and footwear Index (-0.07 percentage points) and the Furnishings, household equipment and routine household maintenance Index (-0.07 percentage points), mainly reflecting lower prices of mobile phone services, garments and furniture, respectively. 

Inflation in the EU

Eurostat said on Wednesday that euro area annual inflation was 2.2% in November 2024, up from 2.0% in October. A year earlier, the rate was 2.4%. European Union annual inflation was 2.5% in November 2024, up from 2.3% in October. A year earlier, the rate was 3.1%.  

The lowest annual rates were registered in Ireland (0.5%), Lithuania and Luxembourg (both 1.1%). The highest annual rates were recorded in Romania (5.4%), Belgium (4.8%) and Croatia (4.0%). Compared with October 2024, annual inflation fell in four Member States, remained stable in three and rose in twenty.

In November 2024, the highest contribution to the annual euro area inflation rate came from services (+1.74 percentage points, pp), followed by food, alcohol & tobacco (+0.53 pp), non-energy industrial goods (+0.17 pp) and energy (-0.19 pp).

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