Services are predicted to see the highest annual inflation rate in November at 3.5%, slightly above October's 3.4%, News.Az reports, citing foreign media.
The price of food, alcohol, and tobacco is estimated to increase by 2.5%, the same as the previous month.
Non-energy industrial goods are expected to record a 0.6% annual inflation rate in November, unchanged from October. Energy prices, on the other hand, are forecast to decline by 0.5% year-on-year, a smaller drop than the 0.9% decline in October. Core inflation, which excludes energy, food, alcohol, and tobacco, is projected to remain steady at 2.4%, the same as in October.
Among the bloc's largest economies, Germany's annual inflation rate is expected to rise to 2.6 percent in November from 2.3 percent in October. In Spain, inflation is seen at 3.1 percent, slightly below October's 3.2 percent but still among the highest rates in the euro area. France's inflation is estimated to remain at a subdued 0.8 percent, unchanged from the previous month, while Italy's rate is forecast to edge down to 1.1 percent from 1.3 percent in October, Eurostat data showed.
Estonia is expected to post the highest annual inflation rate in November at 4.7 percent, while Cyprus is forecast to record the lowest rate at 0.2 percent.
The European Central Bank (ECB) in October kept its key interest rates unchanged, saying eurozone inflation remains broadly under control. "Most measures of longer-term inflation expectations continue to stand at around 2 percent, supporting the stabilization of inflation around our target," said the ECB.
ING Chief Economist Bert Colijn said markets hadn't been pricing a rate cut, and the latest data provides little reason to change that view.
"We expect that inflation can fall below target in the months ahead, but for the medium term, there seems to be enough inflationary drivers around for the ECB not to tilt too dovish," he added.
