Euro area annual inflation confirmed at over 2-year low in October

By Tuba Ongun

Eurozone's annual consumer inflation was confirmed at an over 2-year low in October as energy prices fell, according to the second reading released on Friday.

The consumer prices in the single currency zone increased 2.9% year-on-year in October, slowing from a 4.3% hike in September, Eurostat data showed.

The cost of energy plunged 11.2% from a year ago in October, accelerating from a 4.6% decline in the prior month.

Food prices gained 7.4% in October compared with the same month last year, easing from September's 8.8% rise.

The EU annual inflation cooled to 3.6% in October 2023, down from 4.9% in September.

The lowest annual rates were seen in Belgium (-1.7%), the Netherlands (-1.0%) and Denmark (-0.4%). The highest annual rates were recorded in Hungary (9.6%), the Czech Republic (9.5%) and Romania (8.3%).

On a monthly basis, Eurozone's consumer price index went up by 0.1% in October.