More expensive services, food drive euro zone inflation in October

November 18, 2023

More expensive services and food were the main drivers of consumer price growth in the euro zone in October, data showed today, as the EU’s statistics office confirmed year-on-year inflation slowed sharply.

Eurostat said consumer inflation in the 20 countries using the euro decelerated to 2.9% year-on-year in October from 4.3% in September after prices rose 0.1% month-on-month.

Price rises in the services sectors, the biggest part of the euro zone economy, added 1.97 percentage points to the final year-on-year number and more expensive food, alcohol and tobacco added another 1.48 percentage points.

A sharp fall in energy prices subtracted 1.45 points from the final number while non-energy industrial goods added another 0.9 percentage points.

The European Central Bank wants to keep inflation at 2% over the medium term and has raised interest rates to record highs to slow down price growth, at the same time slowing euro zone economic growth.

Article Source – More expensive services, food drive euro zone inflation in October – RTE

Copyright and Related Rights Act, 2000

Related News

Irish prices second highest in EU last year

Irish prices second highest in EU last year

Prices paid by Irish consumers were the second highest in the EU last year, according to new official data. Irish prices were 42% higher than the EU average, according to Eurostat, just behind the 43% recorded in Denmark. Lowest price levels were registered in...

Increased labour needed to drive construction output

Increased labour needed to drive construction output

An increase in labour capacity in the construction sector may be needed if the number of houses that work has begun on this year are to be delivered. That is according to Banking and Payments Federation Ireland (BPFI) which says that between January and April, 30,138...