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Euro zone inflation confirmed at 1% as food prices jump

FILE PHOTO: People walk through the Mall of Berlin shopping centre during its opening night in Berlin, September 24, 2014. REUTERS/Thomas Peter

BRUSSELS (Reuters) - Euro zone inflation accelerated in November, the European Union’s statistics office said on Wednesday, confirming its earlier estimate as food prices rose at a steeper pace.

Inflation in the 19-country bloc was 1.0% year-on-year, up from 0.7% in October, in line with initial estimates Eurostat published on Nov. 29.

The acceleration came as unprocessed food prices rose 1.8% in November, from 0.7% in October. Energy prices were 3.2% lower, about the same decline as a month earlier.

The narrower inflation indicator, which strips out volatile energy and unprocessed food prices and is monitored closely by the European Central Bank, was revised to 1.4% from the previous estimate of 1.5%.

Excluding energy, food, alcohol and tobacco, a measure on which many economists focus, inflation was also trimmed to 1.4% in November from the initial 1.5%.

Reporting by Philip Blenkinsop

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