ECONOMY: At 1.6% Cyprus inflation drops lower than eurozone rate

Last month the eurozone inflation rate stood at 1.9% while it was a lower 1.6% in Cyprus, down from 2.2% and 1.9% respectively in October, according to Eurostat.

A year earlier, the rate was 1.5% in the eurozone and only 0.2% in Cyprus.

European Union annual inflation was 2% in November, down from 2.2% in October. A year earlier, the rate was 1.8%.

The lowest annual rates were registered in Denmark (0.7%), Ireland (0.8%) and Portugal (0.9%).

The highest annual rates were recorded in Estonia, Hungary and Romania (all 3.2%). Compared with October, annual inflation fell in 25 Member States, remained stable in one and rose in one.

In November, the highest contribution to the annual euro area inflation rate came from energy (+0.88 percentage points), followed by services (+0.57 pp), food, alcohol & tobacco (+0.38 pp) and non-energy industrial goods (+0.11 pp).