According to pioneering data from Eurostat, the official statistics agency of the European Union (EU), consumer prices in the Eurozone rose 10 percent annually in November, below expectations.

This level of data indicates that inflation has peaked and started to decline, supporting the expectation that the European Central Bank (ECB) will raise interest rates at a lower pace.

Inflation in the eurozone, which includes 19 countries, was announced at 10.6 percent in October. Inflation decreased 0.1 percent per month in November. Expectations were for a 0.2 percent increase.

Economists had forecast leading inflation to be 10.4 percent a year in November.

CORE INFLATION CONTINUES TO RISE

Core inflation, calculated excluding energy and unprocessed food prices, rose 6.6 percent, above expectations.

Core inflation was announced at 6.4 percent last month.

Economists had forecast core inflation in the euro zone to be 6.3 percent. (Reuters)