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17.10.2024

Eurozone consumer price growth slowed sharply last month

The final data published by Eurostat showed that consumer price growth slowed in September, falling below experts' forecasts and preliminary estimates. Meanwhile, core inflation fell to a 5-month low.

According to the report, the consumer price index rose by 1.7% per year after an increase of 2.2% per year in August. The September reading was the lowest since April 2021. Economists had expected inflation to fall to 1.8%. The last time inflation fell below the ECB's target level (2%) was in June 2021. European Union annual inflation was 2.1% in September, down from 2.4% in August.

Meanwhile, on a monthly basis, the consumer price index fell by 0.1%, as expected, after an increase of 0.1% in August.

Eurostat reported that the core consumer price index - excluding energy, food, alcohol and tobacco - rose by 2.7% per year, slowing compared to August (+2.8%), and confirming experts' forecasts.

The data also showed that the highest contribution to the annual inflation rate came from services (+1.76%), followed by food, alcohol & tobacco (+0.47%), non-energy industrial goods (+0.12%) and energy (-0.60%).

The lowest annual rates were registered in Ireland (0.0%), Lithuania (0.4%), Slovenia and Italy (both 0.7%). The highest annual rates were recorded in Romania (4.8%), Belgium (4.3%) and Poland (4.2%).

September inflation data were presented just before the announcement of the results of the ECB meeting (at 12:15 GMT). The ECB is widely expected to announce its third interest rate cut of the year, after policymakers flagged reduced inflation risks and a weakening growth outlook. A cut would see the ECB reducing rates at consecutive meetings for the first time in 13 years.

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