According to the report from Eurostat, the euro area annual inflation rate was -0.3% in November 2020, stable compared to October. A year earlier, the rate was 1.0%. European Union annual inflation was 0.2% in November 2020, down from 0.3% in October. A year earlier, the rate was 1.3%.

The lowest annual rates were registered in Greece (-2.1%), Estonia (-1.2%), Slovenia and Cyprus (both -1.1%). The highest annual rates were recorded in Poland (3.7%), Hungary and Czechia (both 2.8%). Compared with October, annual inflation fell in fourteen Member States, remained stable in four and rose in nine.

In November, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+0.36 percentage points, pp), followed by services (+0.25 pp), non-energy industrial goods (-0.07 pp) and energy (-0.82 pp).