Brussels’ preliminary estimate of euro zone inflation for November came in at 4.9%, representing the highest year-on-year level since 1991. The reading is up from 4.1% in October, and comes in well above the consensus expectation of 4.5%.

Rising energy costs far and away accounted for the greatest price increases, with energy costs up 27.4% compared to November of last year. Both services and food costs saw increases from the previous month, with services coming in at 2.7% (up from 2.1%) and food 2.2% (up from 1.9%).