Inflation in the Eurozone decreases significantly

By: Trademagazin editor Date: 2023. 10. 19. 09:54

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As Eurostat announced after a second estimate, inflation in the Eurozone weakened significantly in September. While food and luxury goods were the strongest price drivers, energy prices continued to decline year-on-year.

Overall, the inflation rate had fallen from 5.2 per cent in the previous month to 4.3 per cent. Consumer prices rose 0.3 per cent month-on-month. This confirmed the first survey as expected by analysts.

Core inflation, which excludes volatile energy and food prices, also declined. The annual rate fell to 4.5 per cent in September, after 5.3 per cent the month before. Here, too, the first estimate was confirmed.

Despite the weaker inflation, the medium-term inflation target of the European Central Bank (ECB) of two per cent is still clearly exceeded. For more than a year, the ECB has been fighting high inflation with interest rate hikes.

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