Weak Eurozone data adds pressure on ECB

Craig Drake Independent Analyst

FXStreet (London) - This morning’s European data will increase the pressure on European Central Bank policymakers ahead of the bank’s meeting next week.

Figures from Eurostat showed that Eurozone consumer prices declined to 0.3 percent in November, down from 0.4 percent, with disinflationary pressure coming from declining oil prices and weakening demand.

The latest inflation numbers are a long way from the 2 percent ECB target of 2 percent – a level not seen since early 2013 when crude prices were more than 17 percent higher than today.

In addition to the weak inflation numbers, Eurozone unemployment levels remained at 11.5 percent in October with youth unemployment at 21.6 percent.

Author

Craig Drake

Independent Analyst

Craig Drake, Analyst, joined FXStreet in 2013, with a background in journalism and economic research. He specialises in macro and fundamental strategy, with a keen interest in monetary policy. He has a degree in law and economics.

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