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Euro area annual inflation down to 2.9%

31.10.23 20:00

Euro area annual inflation is expected to be 2.9% in October 2023, down from 4.3% in September according to a flash estimate from Eurostat, the statistical office of the European Union.

Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in October (7.5%, compared with 8.8% in September), followed by services (4.6%, compared with 4.7% in September), non-energy industrial goods (3.5%, compared with 4.1% in September) and energy (-11.1%, compared with -4.6% in September).

Germany, the largest of the 20 countries that use the euro, saw its economy output fall by 0.1%, while No. 2 economy France only scraped out 0.1% growth, slowing from 0.6% in the previous quarter.