The final data published by Eurostat showed that consumer price growth accelerated in October, confirming experts' forecasts and preliminary estimates. Meanwhile, core inflation has stabilized.
According to the report, the consumer price index rose by 2.0% per year, as expected, after an increase of 1.7% per year in September (the lowest level since April 2021). European Union annual inflation was 2.3% in October, up from 2.1% in September.
Meanwhile, on a monthly basis, the consumer price index rose by 0.3%, as expected, after a 0.1% decline in September. It was the strongest price increase since April.
Eurostat reported that the core consumer price index - excluding energy, food, alcohol and tobacco - rose by 2.7% per year, as expected, after a similar increase in September. Thus, inflation remained at its lowest level since February 2022.
The data also showed that the highest contribution to the annual inflation rate came from services (+1.77%), followed by food, alcohol & tobacco (+0.56%), non-energy industrial goods (+0.13%) and energy (-0.45%).
The lowest annual rates were registered in Slovenia (0.0%), Lithuania and Ireland (both 0.1%). The highest annual rates were recorded in Romania (5.0%), Belgium and Estonia (both 4.5%). Compared with September, annual inflation fell in two Member States, remained stable in six and rose in nineteen.