The annualized Eurozone Consumer Price Index (CPI) jumps by 4.9% in November, surprising markets to the upside while higher from the previous rise of 4.1%, the latest data published by Eurostat showed on Tuesday. The consensus forecast was for a drop to 3.7%.

The core figures arrived at 2.6% YoY in November when compared to 1.9% expectations and 2.0% registered in October.

Key details (via Eurostat)

“Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in November (27.4%, compared with 23.7% in October), followed by services (2.7%, compared with 2.1% in October), non-energy industrial goods (2.4%, compared with 2.0% in October) and food, alcohol & tobacco (2.2%, compared with 1.9% in October).”

EUR/USD reaction

EUR/USD is little moved on hotter Eurozone inflation. The spot is currently adding 0.61% on the day, trading at weekly highs near 1.1365.