Inflation in the eurozone rebounded further in November, new data showed Friday, but the longer-term outlook remained in line with European Central Bank targets -- with a new rate cut still expected next month.

The ECB hiked rates after consumer prices soared following the 2022 invasion of Ukraine but has cut borrowing costs three times this year as inflation cooled -- with economists awaiting its next move as the European economy sputters.

Year-on-year consumer price increases in the eurozone reached 2.3 percent in November, the EU's official data agency said, continuing to bounce back from a three-year low of 1.7 percent in September at a rate consistent with analyst predictions.

In October inflation in the 20-country single currency area had crept back up to exactly 2.0 percent -- the longstanding goal set by the ECB.

But while "some upward pressure on prices" remained likely in December, ING chief economist Bert Colijn predicted that "moderation can be expected for early next year."

Importantly, core inflation -- which strips out volatile energy, food, alcohol and tobacco prices and is a key indicator for the central bank in deciding whether to cut rates -- was stable over the past three months, at 2.7 percent.

"It doesn't look like the ECB should be overly concerned about the current uptick in inflation," summed up Colijn.

The November rise in consumer price inflation was largely down to energy prices falling more slowly than the previous month.

Industrial goods prices inched up by just 0.7 percent, compared to 0.5 percent in October.

The price of services rose by 3.9 percent, and those of food, alcohol and tobacco by 2.8 per cent in November -- a fall of 0.1 percentage point compared to a month earlier in both cases.

With inflation in the single currency area coming gradually back under control, policymakers have turned their attention to growth by accelerating interest rate cuts.

Currently the ECB's benchmark interest rate stands at 3.25 percent, and analysts have been divided over whether a potential cut next month will be 50 basis points or 25 points.

ECB Governing Council member Francois Villeroy de Galhau of France said Thursday the bank has "every reason" to cut its rate again when it meets on December 12 -- though he did not say by how much.

At Capital Economics, analyst Jack Allen-Reynolds said the November data made "a good case" for the bank to cut rates by 50 points -- but that a smaller cut was also a possibility given the continued strength of services inflation.