Inflation in Europe eases as energy prices down but still in double digits

Inflation in Europe has eased for the first time in more than a year as energy prices drifted down from painful highs, but the double-digit rate still hovers near a record that has robbed consumers of their spending power and led economists to predict a recession.

The consumer price index in the 19 countries that use the euro currency hit 10% in November from a year earlier, the European Union statistics agency Eurostat said Wednesday.

That was a drop from 10.6% in October, the first decrease since June 2021.

The figure reflected prices for food, alcohol and tobacco rising faster, at a pace of 13.6% annually, even as energy prices slipped to a 34.9% rate of increase from an astronomical 41.5% in October.