A Christmas market in Cottbus, Germany.
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Inflation in the euro zone was 2.2% in November, up slightly from the previous month, flash data from data agency Eurostat showed on Tuesday.
The latest value of the consumer price index is just above the European Central Bank’s 2 percent target. Economists polled by Reuters expected a figure of 2.1% for the 12 months to November.
Looking at the main components of inflation in the euro area, the services sector is expected to record the highest annual rate of 3.5% in November, compared to 3.4% in October, Eurostat said.
Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, was 2.4% in November, unchanged from the previous month.
The ECB left the key deposit facility rate at 2% at the end of October for the third time in a row, having last cut rates in June.
The rate cut, which coincided with the ECB’s 2% inflation target in the euro zone, was part of a cycle of interest rate cuts that has brought interest rates down from a record high of 4% last year.
Senior ECB board members have told CNBC in recent months that the easing cycle is near or at its end, although the central bank has repeatedly said it will take a session-specific and data-dependent approach to setting interest rates.
After the rate cut in October, ECB President Christine Lagarde told CNBC that the economy was in good shape from a monetary policy perspective.
“Is it a solid, good place? No. But we will do whatever it takes to make sure we stay in a good place,” she said.
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