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Eurozone core inflation acceleration confirmed in November

Annual core inflation in the eurozone came in at 1.3% in November, up from 1.1% in the prior month, according to data from Eurostat, confirming preliminary and Econoday consensus estimates.

The index, which excludes energy, food, alcohol and tobacco, fell 0.5% month over month in November.

Annual headline inflation stood at 1.0%, matching the Econoday's consensus estimate and surpassing October's reading of 0.7%.

Services prices advanced 1.9% in November, matching the pace of growth in food, alcohol and tobacco prices. Energy prices declined 3.2% in November after falling 3.1% in October, while nonenergy industrial goods' prices rose 0.4%.

Within the single-currency bloc, the lowest annual rates were posted by Italy, Portugal and Belgium.

On a monthly basis, the headline index declined 0.3%.

The European Central Bank's current inflation target is "below, but close to, 2%" which policymakers are reportedly considering readjusting to 2% in a planned strategic review of the bank's monetary policy.