Eurostat, the European Union’s statistical office, released its preliminary estimate for November, showing that annual inflation in the Eurozone rose to 2.2% in November, up from 2.1% in October and exceeding market expectations.

The services sector contributed the most to inflation in November, rising to 3.5% from 3.4% in October. The food, alcoholic beverages, and tobacco sector remained unchanged at 2.5%, as did the non-energy industrial goods index, also at 2.5%, the same as in October. The energy index, however, declined by 0.5% from 0.9% in October.

The core inflation index, which excludes food and energy prices, remained unchanged at 2.4%, matching market expectations.