FXstreet.com (Barcelona) - Consumer prices have grown at an unprecedented pace in the Euro Area year-on-year, sharply above the ECB's margin for price stability, as a consequence of higher fuel and food prices, according to data by Eurostat.

Inflation has increased by 3.1% in November from the same month last year, slightly above the first 3.0% estimation and also above the 2.6% increase posted in October.

The monthly increase remains at the same level as in the flash estimation; 0.5% up.

The main reasons for November's high year-on-year CPI increase have been, first the 9.7% yearly jump posted by energy , plus the 4.3% increase from food products and the 5.8% increase in transports.

Excluding energy, the so called Core CPI has risen a moderate 0.1% from October, and 1.9% year-on-year.

The ECB, concerned to keep prices below the 2.0% annual rate does have a difficult task forward as a rate hike will not be very popular having in mind the slowing growth and financial market turmoil going on and affecting Euro Zone as well as global economy.