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Analysts at TD Securities, explain that the euro area core inflation declined back to 1.0% y/y, while the flash inflation data showed that lower energy prices took some sting out of headline inflation (2.0% y/y) data for November.

Key Quotes

“Core goods inflation remained unchanged at 0.4% y/y, while services inflation unwound the uptick last month, falling back to 1.3% y/y (same as in Aug/Sep/Jun). It’s worth noting however that the ECB is not singularly focused on this measure of core inflation.”

“They’ve begun publishing a few of their own core inflation measures, but unfortunately those won’t be available for November’s data until well into next month (publication date unclear). The unemployment ratre remained unchanged at 8.1% in October.”