Eurozone inflation drops drastically in Nov.

Special Report:Global Financial Crisis

BRUSSELS, Dec. 17 (Chinese media) -- Annual inflation in the

15-nationeuro plunged to 2.1 percent in November, representing a 14-month low,

European Union's Statistical Office of the European Communities (Eurostat) said

on Wednesday.

The level nears the 2.0-percent criteria that the

European Central Bank (ECB) defines in inflation to keep prices stable in the

zone.

In October, inflation rate was 3.2 percent, while it

was 3.1 percent in November of last year.

In the 27-nation EU, annual inflation was 2.8 percent

in November, down from October's 3.7 percent, according to the Eurostat. A year

earlier the rate was 3.1 percent.

Inflation in the euro hit a record high of 4.0

percent in June and July, and then embarked on downward trend as energy and food

prices have sharply fallen because of dire economic situation.

The Eurostat figures confirmed its first estimate

released earlier this month.

The drastic drop in inflation provides room for

further interest rate slashes by the ECB, which axed in the beginning of this

month benchmark rate from 3.25 percent to 2.50 to stimulate economic growth.