The European Statistics Office (Eurostat) said on Tuesday that the annual rate of inflation in the euro area rose to an all-time high of 4.9% this month, driven largely by higher energy prices.
It is noteworthy that this is the fastest increase on an annual basis since 1997, when records began to be recorded in the single currency area, which includes 19 countries.These figures come in a continuation of an upward trend in prices for months, which raises growing concern in the European Union, and the EU leaders are scheduled to discuss the energy issue during a European summit scheduled for next month.
And Eurostat, based in Luxembourg, said in preliminary estimates that energy prices rose by 27.4% in the euro area, in November, on an annual basis.
In October, prices rose 4.1% year-on-year, the last time the rate exceeded 4% in 2008.
The wholesale prices of natural gas have been rising for months, and electricity prices have risen significantly, and consumers are feeling the repercussions of this in many countries.
It is noteworthy that the inflation rate recorded this month is more than double the target by the European Central Bank, which is 2%.