Eurozone inflation rose to 2% in October
Annual inflation rate in eurozone in October was 2%up three tenths from the increase seen in September, Eurostat confirmed on Tuesday. Thus, price dynamics are maintained. in line with the stability objective of the European Central Bank (ECB).
In the European Union (EU) as a whole, the annual inflation rate in October was 2.3%. This is also higher than what was recorded in September. (2.1%). Despite this behavior, rising prices lower than those recorded in both regions a year agowhich amounted to 2.9% in the case of the single currency countries and 3.6% for the bloc as a whole.
Among eurozone countries, the price recovery in October reflects smaller reduction in energy costswith a fall of 4.6% instead of 6.1% in September. Meanwhile, fresh food has become more expensive 3%, down from 1.6% year-on-year growth in the previous month.
Likewise, the cost Non-energy industrial goods rose in price by 0.5% in Octoberwhich is one tenth more than in September, and Inflation in the service sector accelerated to 4%up from 3.9% year-on-year in September. Thus, excluding the impact of energy on prices, the inflation rate in the euro area was 2.7%, compared with 2.6% in September.
In case base ratewhich, in addition to energy, excludes fresh food, alcohol and tobacco, prices grew by 2.7% year on yearin accordance with the previous month. The European Central Bank uses this data when making monetary policy decisions.
Spain, below European average
Spain, with agreed rate 1.8%recorded price growth lower than the eurozone and EU average, despite the fact that it was one tenth higher than the previous month. Meanwhile, the countries with the highest inflation last month were Romania (5%), Estonia and Belgium (both 4.5%)..
At the opposite pole are Slovenia (0%), Ireland and Lithuania (0.1%)with the lowest rates in the bloc, followed by countries such as Luxembourg (0.9%) and Italy (1%). Inflation in Germany, Europe’s largest economy, was 2.4% in October, while in France it was 1.6%.