FRANKFURT – German inflation eased slightly in November to 11.3 percent from 11.6 percent in October, the country’s statistics office reported Tuesday.
The reading is in line with the median forecasts in a Reuters survey of analysts.
Measured by national standards, inflation eased to 10 percent from 10.4 percent in the previous month, the data showed.
Earlier in the day, the Spanish statistics agency, INE, reported harmonized inflation easing to 6.6 percent from 7.3 percent in October, also below the median 7.5 percent forecasts. INE ascribed easing price pressures mainly to lower fuel and electricity prices.
Attention will now turn to eurozone inflation data, due out on Wednesday, to see whether levels are coming down across the region.
ECB President Christine Lagarde said on Monday that inflation may yet climb further.
“I would like to see inflation peaking in October, but I’m afraid that I would not go as far as that,” she told Lagarde told the European Parliament’s Committee on Economic and Monetary Affairs. “I think that there is too much uncertainty — particularly in one component, which is the pass-through of high energy costs at wholesale level into retail level — to assume that inflation has actually reached its peak. It would surprise me.”
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