BUSINESS

Romania, 7.7 pc inflation in November, the highest in EU

Euro area annual inflation was 1.9 per cent in November 2010, unchanged compared with October, Eurostat informs. A year earlier the rate was 0.5 per cent. Monthly inflation was 0.1 per cent in November 2010. EU annual inflation was 2.3 per cent in November 2010, unchanged compared with October. A year earlier the rate was 1.0 per cent. Monthly inflation was 0.2 per cent in November 2010.


In November 2010, the lowest annual rates were observed in Ireland (-0.8 per cent), Slovakia (1.0 per cent) and the Netherlands (1.4 per cent), and the highest in Romania (7.7 per cent), Estonia (5.0 per cent) and Greece (4.8 per cent). Compared with October 2010, annual inflation rose in ten Member States, remained stable in five and fell in twelve.


The lowest 12-month averages up to November 2010 were registered in Ireland (-1.8 per cent), Latvia (-1.5 per cent) and Slovakia (0.6 per cent) and the highest in Romania (5.8 per cent), Hungary (4.8 per cent) and Greece (4.5 per cent).


The main components with the highest annual rates in November 2010 were transport (3.8 per cent ), alcohol and tobacco (3.4 per cent ) and housing (3.3 per cent ), while the lowest annual rates were observed for communications (-0.8 per cent ), recreation and culture (0.0 per cent ) and household equipment (0.7 per cent ). Concerning the detailed sub-indices, fuels for transport (+0.37 percentage points), heating oil (+0.13) and gas (+0.09) had the largest upward impacts on the headline rate, while telecommunications (-0.09) had the biggest downward impact.


Moreover, hourly labour costs in the euro area rose by 0.8 per cent in the year up to the third quarter of 2010, compared with 1.6 per cent for the previous quarter. This is the lowest increase registered since the start of the series in 2000. In the EU27, the annual rise was 1.2 per cent up to the third quarter of 2010, compared with 1.5 per cent for the previous quarter. Among the Member States for which data are available for the third quarter of 2010, the highest annual increases in hourly labour costs were registered in Bulgaria (+10.2 per cent ), Romania (+6.3 per cent ) and the Czech Republic (+5.6 per cent). The largest annual decreases were observed in Greece (-6.6 per cent), Lithuania (-1.7 per cent) and The Netherlands (-1.3 per cent).

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