“The scale of the disinflation problem facing the ECB becomes increasingly concerning as time progresses,” Colin Bermingham, an economist at BNP Paribas said in a research note after the release.
“Three of the big four euro zone economies have reported inflation for November and all three are below 0.5 percent (year-on-year).”
Italy jobless hits record
Meanwhile, unemployment figures for October showed a reading of 11.5 percent for the euro zone, holding steady from September. Italy was the major drag with the struggling nation’s numbers reaching a record higher of 13.2 percent in October.
This is the highest the figure has ever been since records began back in 1977. The youth unemployment rate – those aged between 15 and 24 – came in at 43.3 percent, adding 0.6 percentage points in a month, according to the statistics agency Istat.
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The inflation data come at a key time for the ECB, just days ahead of its next policy meeting on Thursday. The bloc has been staring down the barrel of negative growth and weak demand, with tensions in Ukraine pressuring Germany in particular.
Market watchers have been busy this week placing bets on whether Mario Draghi, president of the ECB, will announce more stimulus, even as soon as next week.