Despite the significant slowdown, the growth rate of consumer prices in the region remains high.
Consumer prices in the eurozone rose 2.9% in annual terms in October. Thus, inflation slowed down from 4.3% in September and reached a new minimum since July 2021. This is stated in the report of the statistical office of the European Union.
In October 2022, inflation in the eurozone was at 10.6%.
Despite the significant slowdown, consumer price growth in the region still remains above the European Central Bank’s target of 2%.
Inflation excluding the cost of food and energy (CPI Core index) in the eurozone last month slowed to the lowest level since July 2022, 4.2% in annual terms from 4.5% in September.
Energy prices fell by 11.2% in October (-4.6% in September). Food products, alcohol and tobacco products increased in price by 7.4% (8.8% a month before), the cost of services increased by 4.6% (4.7% in September).
Consumer prices in the eurozone rose by 0.1% in October compared to the previous month (+ 0.3% in September).
The highest inflation in annual terms was recorded in Slovakia (7.8%), Croatia (6.7%) and Slovenia (6.6%). Low price increases were observed in Italy (1.9%) and Luxembourg (2.1%). At the same time, annual deflation was recorded in Belgium at 1.7%, and in the Netherlands – 1%.
We remind you that in Ukraine, annualized inflation in October slowed to 5.3% from 7.1% in September and 8.6% in August.
Inflation in Russia at the end of October accelerated to 6.69% year-on-year (compared to October last year), from 6% at the end of September.
Source: korrespondent
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