Prices were seen rising 2.6% over the next 12 months, up from 2.5% in October, according to its monthly survey of households released in Frankfurt on Tuesday. The gauge for three years ahead also climbed, reaching 2.4% — notably higher than the ECB’s 2% goal.

Inflation in the eurozone rose further above the European Central Bank’s target in the final month of 2024, although that is unlikely to dissuade policymakers from lowering borrowing costs again this month to support a faltering economy.

The median respondent in the ECB's Consumer Expectations Survey expected prices to grow by 2.6% over the following 12 months in November, from 2.5% in October - marking the second increase in a row. The expectation for three years ahead was raised to 2.4% - the highest level since July - from 2.1%.