Price indices

U.K. annual inflation climbed further above the Bank of England's target rate in November, official data showed Wednesday, firming expectations that it will avoid cutting interest rates this week.

The Consumer Prices Index reached 2.6 percent in the 12 months to November, up from 2.3 percent for October, the Office for National Statistics (ONS) said in a statement.

Annual inflation in Bulgaria accelerated in November, rising to 2.1% compared to 1.8% in October, marking a three-month high, according to data from the National Statistical Institute (NSI). On a monthly basis, the consumer price index increased by 0.6%, following a 1.1% rise in October.

Cyprus' Harmonized Consumer Price Index (HCPI) rose by 1.6% in October 2024 compared to the same month in 2023, according to data from the Statistical Service of Cyprus.

On a monthly basis, the index recorded a slight decline of 0.2% from September 2024. 

Inflation in Greece fell to 2.4% in October, from 2.9% in September.

According to ELSTAT's data, the slowdown in food prices is noticeable, where in October a price increase of 1.5% was recorded on an annual basis (from 3.2% in September), with reductions in flour and cereal, pasta, dairy, fruit and coffee.

Inflation is proving extremely persistent, as despite hopes for a de-escalation in October, it strengthened further and reached 3.2%, according to Eurostat estimates, compared to 3.1% in September.

Consumer morale continued to improve for a third month in a row, according to data from the Turkish Statistical Institute (TÜİK) on Oct. 23.

The consumer confidence index rose by 3 percent month-on-month in October, followed by 0.6 percent and 2.4 percent increases recorded in August and September, respectively.

Inflation is likely to exceed the target at the end of 2024 but will decline to 27 percent in April next year, Finance Minister Mehmet Şimşek has said.

Greece's September reading of the European Union-harmonized consumer price index was eventually even higher than projected on October 1 and further from the eurozone average, according to figures Eurostat released on Thursday.

Britain's annual inflation rate fell to a three-year low in September, official data showed on Wednesday, fueling speculation that the Bank of England will resume cutting interest rates next month.

Inflation in Bulgaria experienced a significant slowdown in September, dropping to 1.2% from 2.1% in August, marking the lowest rate since March 2021, according to the National Statistical Institute (NSI). Compared to August, a deflation of 1% was recorded, following a slight rise of 0.1% in the consumer price index during the previous month.