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Inflation rose to record level -- near 5% -- in eurozone in November

Inflation rose to record level -- near 5% -- in eurozone in November
The eurozone is comprised of 19 nations, including France, Germany, Italy, the Netherlands, Greece, Spain and Portugal. File Photo by John Angelillo/UPI | License Photo

Dec. 1 (UPI) -- A global rise in the cost of energy was the main factor in pushing consumer prices in the eurozone to a record level during the month of November, officials said.

Eurostat, the official record-keeper for the nations that use the euro currency, said prices last month increased by 4.9% -- the highest since it began tracking inflation in 1997. In October, eurozone inflation rose by 4.1%.

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Eurostat said spiking energy prices contributed most to the November rise, while the cost of food and other goods rose faster than the European Central Bank's 2% target.

Economic recovery in the member nations and global disruptions in supply chains were great contributors to the rise in prices, officials said.

Germany hit a 29-year-high inflation rate in November and France's was the highest since 2008.

"In 2022, bottlenecks may last longer than expected," ECB Vice President Luis de Guindos told The Financial Times.

De Guindos also said the ECB will end emergency bonds purchases in March.

The eurozone is comprised of 19 nations, including France, Germany, Italy, the Netherlands and Spain.

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