Heavy Inflation hits ‘EU’, at present 4.9%

The European Union's statistics agency confirmed that that the eurozone's annual inflation rate hit 4.9% in November.

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As per the Official figures in 19 European nations. The consumer prices across the euro currency are rising at a record rate majorly due to pollution.

As per the Eurostat, the European Union’s statistics agency confirmed that that the eurozone’s annual inflation rate hit 4.9% in November, the highest since 1997 when the eurozone started recording.

The statistics added that the inflation spike in November was largely the result of a huge spike in energy costs, and up from 4.1% in October, the restrictions on travel and transport due to pandemic continues to play the part.

Experts however claim the inflation spike over recent months will start reversing next year as base effects linked with the sharp fall in the price of food and fuel starts going down next month.

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