Consumer prices in the 19 countries sharing the euro grew by 10.0% this month after a 10.6% increase in October, coming in well below expectations for 10.4% in a Reuters poll of analysts.
But some policymakers have recently made the case for a 50 basis point rise on Dec. 15 after back-to-back 75 basis point moves, arguing that inflation is finally peaking and that the ECB has made enough progress to justify more modest steps. Filtering out food and fuel costs, inflation rose to 6.6% from 6.4%, defying expectations for a drop, while an even more narrow measure that also excludes alcohol and tobacco held steady at 5.0%.
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