$EUIRYY -EU YoY (CPI) source: EUROSTAT
The inflation rate in the Euro Area declined to 2.9% year-on-year in October 2023,
reaching its lowest level since July 2021 and falling slightly below the market consensus of 3.1% .
Meanwhile,
The Core Rate, which filters out volatile food and energy prices,
also cooled to 4.2% in October;
marking its lowest point since July 2022.
However, both rates remained above the European Central Bank's target of 2%.
The energy cost tumbled by 11.1% (compared to -4.6% in September), and the rates of inflation eased for both food, alcohol, and tobacco (7.5% compared to 8.8%) and non-energy industrial goods (3.5% compared to 4.1%).
Services inflation remained relatively stable at 4.6%, compared to 4.7% in the previous month. On a monthly basis, consumer prices edged up 0.1% in October, after a 0.3% gain in September.
