Eurozone CPI amounted to 2% yoy in November, down from 2.2% the previous month.

The main reason behind the fall appears to be a waning boost from energy prices. On an annual basis, they were up 9.1% against 10.7%. On Thursday, U.S. crude briefly fell below $50 a barrel for the first time this year. Just a couple months ago, it was trading at four-year highs around $75 a barrel.

Despite the fall, headline inflation remains more or less where the European Central Bank would like it - its policy aim is just below 2%.

But stripping out volatile items like energy, inflation is much weaker and that's likely to concern the ECB. The so-called core rate fell to 1% from 1.1%, which suggests that wages increases are not strong enough to push up prices on a broad basis.

Despite the declines, the ECB is still expected on December 13 to end its monetary stimulus program, under which it has since 2015 bought government bonds in the markets to keep interest rates low. It has indicated it could start raising interest rates again next year, though not before the autumn at the earliest. The ECB has kept its main interest rate at zero for years and has a negative rate on deposits that commercial banks hold at the central bank.

The cooling eurozone economy was reflected in separate figures showing a modest 12k rise in unemployment in October to 13.17 million. Though that wasn't enough to raise the unemployment rate from the decade-low of 8.1%, it suggests that the consistent improvements of the past few years may be fading. is an independent macroeconomic consultancy with thousands of subscribers all over the world. We provide fundamental research to help our clients make better investing decisions. Our subscribers should expect to get access to:

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