By Maria Martinez
The annual rate of inflation in the eurozone accelerated in November at the fastest pace since July 1991.
Consumer prices rose 4.9% on year in November, according to a first estimate released Tuesday by Eurostat, the European Union's statistics agency. Prices rose 4.1% on year in October.
The main driver of the on-year increase was energy prices which rose 27.4% on year, compared with the 23.7% increase registered in October.
Consumer prices rose 0.5% in November over the previous month, data from Eurostat showed.
The core consumer price index--which excludes the more volatile categories of food and energy--rose 2.6% on year in November after rising 2.0% the previous month.
The acceleration in the eurozone's annual rate of inflation adds further evidence to a buildup in price pressures globally as economies recover from the Covid-19 pandemic, amid strong consumer demand and global supply-chain disruptions.
Economists expect headline inflation to continue rising in the coming months, but to fall back below the European Central Bank's 2% target in 2022 and 2023.
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