Eurozone inflation falls to within striking distance of 2% target

A cheese and meat stall in Stuttgart, Germany. On Wednesday, the OECD said Europe’s largest economy was on track to shrink by 0.1% this year. Photograph: Michaela Rehle/REUTERS

Inflation across the eurozone fell by more than expected in November amid growing concerns about the strength of national economies after the sharpest rise in borrowing costs since the creation of the single currency.

Consumer prices across the 20-country bloc increased at an annual rate of 2.4%, down from 2.9% in October, according to figures from the EU statistical agency Eurostat. Economists polled by Reuters had forecast a higher reading of 2.7% for the month.