Inflation in Greece settled at 3% in November, a marginal drop from 3.1% in October, according to data from the European Union’s statistical body, Eurostat. A year earlier, in November 2023, inflation in Greece was recorded at 2.9%.
Compared to inflation in Greece, the Eurozone saw 2.3% in November 2024, up from 2.0% in October, based on Eurostat’s preliminary estimates.
Services are expected to have the highest annual inflation rate at 3.9%, marginally down from 4.0% in October, followed by food, alcohol, and tobacco at 2.8% (down from 2.9%).
Non-energy industrial goods were at 0.7% (up from 0.5%), and energy at -1.9% (a less severe decline compared to -4.6% in October).
Core inflation in the Eurozone recorded a 2.8% uptick year-on-year in November from 2.7% in October. Every month, core inflation dropped by -0.6%, following a 0.2% rise in October.
Among the Eurozone’s largest economies, inflation in France was at 1.7% in November, up from 1.6% in October. In Germany, inflation remained steady at 2.4%. Belgium reported the highest inflation rate at 5%, while Ireland recorded the lowest at just 0.5%.
Meanwhile, expectations suggest a reduction of more than 1.5 percentage points in the European Central Bank cuts by the end of 2025. The deposit rate, currently at 3.25%, is projected to drop to 2% by June 2025 and may fall below that level by the year’s end. Economists surveyed by Consensus Economics forecast an average ECB deposit rate of 2.15% by December 2025.
Markets are increasingly pricing in substantial interest rate cuts from the European Central Bank (ECB).
