As Omicron, Supply-Chain Problems Loom, Eurozone Inflation Hits Record

The eurozone’s annual rate of consumer-price inflation jumped to a record in November, adding to the challenges facing the European Central Bank as the new coronavirus variant, supply-chain disruptions and soaring energy prices complicate its policy decisions for the coming year.

The European Union’s statistics agency Tuesday said consumer prices in the currency area were 4.9% higher than in November 2020, by far the fastest annual rise since records began in 1997 and more than double the ECB’s 2% target. The previous high of 4.1% was matched in October, having first been reached in July 2008. Economists had expected to see a pickup in inflation during the month, but only to 4.5%.