Inflation in the European economic zone slowed slightly to an annualized 10% in November as prices for oil and natural gas declined during the month.
Preliminary estimates show that inflation has eased from previous record highs, though it remains elevated and above the expectations of economists.
Consumer prices across the 19 nation European region rose to 10.6% in October, leading to a cost-of-living crisis on the continent.
Volatile food and energy prices continue to push inflation higher. However, energy prices have begun to cool off.
Energy is expected to have risen at an annualized rate of 34.9% in November, compared with 41.5% in October, according to the statistics agency Eurostat, which released the inflation data.
The easing of inflation in Europe follows a similar outcome in the U.S., with the October Consumer Price Index (CPI) also falling from recent highs.
The European Central Bank (ECB) is expected to raise interest rates a further 50 basis points in December as it continues to try to lower inflation in the economic zone. The ECB has so far raised interest rates three times this year.
The ECB forecast in September that annual inflation would peak at 8.1% this year and fall to 5.5% in 2023. Those figures are expected to be revised upward when the central bank meets in December.
