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Eurozone inflation rocketed to its highest ever level in November as energy prices sent the cost of living soaring
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Eurozone inflation rose at its fastest ever rate in November, as a jump in energy prices and snags in global supply chains sent the cost of living soaring.
The rate of consumer prices in the 19-member currency bloc was up 4.9% year-on-year in November, according to an early estimate released by Eurostat Tuesday. That's the highest figure since the eurozone was founded in the late 1990s.
November's inflation print came in above economists' expectations of 4.5% and significantly higher than October's figure of 4.1%.
Inflation is now far above the European Central Bank's target of 2%, adding to the pressure on the central bank. The ECB has said so far that strong inflation will be transitory and has pledged to keep up its
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