Eurozone inflation slowed markedly in November, with the headline rate dipping to 2.4% from 2.9% in October, and with prices falling 0.5% m/m. The slowdown brings the ECB's 2% target into clear sight for the first time since summer 2021.

Core inflation, which excludes energy, food, alcohol and tobacco, and is closely watched by many of the ECB's Governing Council, also slowed sharply, with prices falling 0.6% m/m and the annual rate at 3.6%.

Across the eurozone, sharply lower rates were seen in Italy (+0.7% y/y), the Netherlands (+1.4% y/y), Belgium (-0.7%) and Finland (0.8%).