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.