Market expectations match rise of eurozone annual inflation
(MENAFN) Consumer prices in the eurozone increased by 2.2% year-on-year in September, up from 2% in August, according to preliminary estimates, as stated by reports. The rise matched market expectations and remained slightly above the European Central Bank’s medium-term target of 2%.
Services were the main driver of inflation, climbing 3.2% annually, followed by food, alcohol, and tobacco at 3%, and non-energy industrial goods at 0.8%. Conversely, energy prices fell 0.4% over the same period, acting as a drag on overall inflation.
Core inflation, which excludes food and energy, held steady at 2.3% year-on-year, in line with analysts’ expectations and unchanged from August.
Among member states, Estonia recorded the highest annual inflation at 5.2% in September, followed by Croatia and Slovakia at 4.6%, and Latvia at 4.1%. The lowest rates were observed in the Greek Cypriot Administration at 0%, with France at 1.1% and both Greece and Italy at 1.8%.
On a monthly basis, the eurozone consumer price index rose 0.1% in September, the same rate recorded in August.
The eurozone, also referred to as the euro area or EA20, comprises the 20 European Union member states that have adopted the euro as their official currency.
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