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Euro area inflation picks up in November, final data confirms

Harmonized annual inflation in the euro area was confirmed at 1.5% in November, compared to 1.4% the month before, statistical agency Eurostat said.

The largest contribution to the rise in prices — 0.21 percentage point — came from fuels for transport, followed by heating oil and milk, cheese and eggs. Telecommunication provided the biggest downward contribution of 0.11 percentage point, followed by garments and social protection.

Inflation has failed to pick up to the European Central Bank's 2% target despite extraordinary monetary stimulus, even as growth picks up to an expected 2.4% in 2017.

The monthly rate of inflation in the euro area stood unchanged in November at 0.1%.

Meanwhile, the eurozone job vacancy rate in the third quarter was 1.9%, unchanged from the preceding quarter. The vacancy rate was 1.6% in industry and construction, and 2.2% in services.

The lowest job vacancy rates were recorded in Greece, at 0.5%, in Bulgaria and Spain at 0.8% each and 0.9% in Portugal. The highest job vacancy rates were observed in the Czech Republic, Belgium and Germany at 4.1%, 3.6% and 2.7%, respectively, over the period.