Annual harmonised inflation reached 3.6% in November 2024
The annual price growth measured by the harmonised index of consumer prices according to the common EU methodology reached its third highest value this year.
The annual inflation measured by the harmonized index of consumer prices according to the European common methodology reached the value 3.6% in November 2024. It was by 0.1 percentage points higher than the annual inflation in October 2024. Annual inflation compares the change in the price level in the observed month of a given year compared to the price level of the same month in the previous year.
The total harmonized index of consumer prices increased by 0.2% compared to the previous month. The month-on-month increase in the index was mainly influenced by the rise of prices in the Food and non-alcoholic beverages division (the total positive contribution to month-on-month inflation was +0.12 percentage points). Higher positive contributions to month-on-month inflation were also recorded in the divisions: Transport (+0.05 p.p.) and Clothing and footwear (+0.03 p.p.). On the contrary, the modest negative contribution to the month-on-month inflation was achieved in the division Miscellaneous goods and services (the negative contribution of the entire division was -0.02 p.p.).
The average annual rate of HICP inflation (comparing change in the average price level for the average of the harmonized consumer price indices for the last 12 months compared to the average of the previous 12 months) reached in November 2024 the value 3.4%, which represented a decrease of 0.3 percentage points compared to its value in October 2024. The average annual HICP inflation rate is an important indicator of a country’s price stability, its level is also considered as one of the four so-called Maastricht criteria that an EU Member State must meet before adopting the euro.
Eurostat will publish harmonised inflation figures for November 2024 in the EU and EFTA countries on 18th December 2024 at 11:00 on its website.
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