Eurozone producer prices rise more than expected

EU statistics office Eurostat said producer prices in the euro zone rose to 5.4% in October, and on an annualized basis producer prices rose to 21.9% in the twelve months to October. Energy prices rose 16.8% in October, and on an annual basis, energy prices rose 62.5% in October, and the consumer price index rose to 4.9% in November, the highest level in 25 years.

Eurostat data showed that the unemployment rate in the euro area fell to 7.3% of the workforce in October from 7.4% in September, and the number of unemployed fell to 12.045 million in October from 12.109 in September.