Investing.com - Consumer price inflation in the euro zone was revised up unexpectedly in November, easing concerns over deflationary pressures, official data showed on Wednesday.
In a report, Eurostat said consumer price inflation rose by a seasonally adjusted 0.2% last month, up from a preliminary estimate of 0.1%. Euro zone inflation rose by 0.1% in October.
The rate has now been below 1% for 26 straight months, well under the European Central Bank's target of near but just under 2%.
Month-over-month, consumer prices inched down 0.1% last month, compared to forecasts for a decline of 0.2% and following a gain of 0.1% in October.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose by a seasonally adjusted 0.9% in November, meeting forecasts and unchanged from an initial estimate.
EUR/USD inched up to 1.0925 from around 1.0921 ahead of the release of the data, while EUR/GBP was at 0.7278 from 0.7272 earlier.
The Investing.com euro index, which tracks the single currency against a basket of six major rivals, rose to 87.90, compared to 87.88 ahead of the report.
Meanwhile, European stock markets were modestly higher. France’s CAC 40 tacked on 0.4%, the EURO STOXX 50 advanced 0.3%, Germany's DAX rose 0.1%, while London’s FTSE 100 inched up 0.7%.