Euro Zone Posts 2.2 Percent Rise in September Inflation
(MENAFN) Consumer inflation across the euro zone accelerated slightly to 2.2% in September from 2.0% in August, according to a preliminary estimate published Wednesday by Eurostat.
The figure came in line with analyst projections and stayed above the European Central Bank’s (ECB) medium-term inflation target of 2%.
The strongest inflationary pressure stemmed from the services sector, which recorded a 3.2% annual rise in September. This was followed by food, alcohol, and tobacco prices, which climbed 3% year-on-year. Prices for non-energy industrial goods also ticked up by 0.8%.
In contrast, energy prices acted as a drag on overall inflation, falling 0.4% from the previous year.
Stripping out food and energy, the core inflation rate held steady at 2.3% on an annual basis — unchanged from August and precisely in line with market forecasts.
Among the euro area’s 20 members, Estonia posted the steepest annual inflation at 5.2%, trailed by Croatia and Slovakia at 4.6% each, and Latvia at 4.1%.
At the other end of the spectrum, the Greek Cypriot Administration recorded the lowest inflation reading at 0%. France followed with 1.1%, while Greece and Italy each reported 1.8%.
Month-over-month, the consumer price index inched up 0.1% in September, mirroring August’s increase.
The euro zone, or EA20, encompasses the 20 EU countries that have adopted the euro as their official currency.
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