Eurozone annual inflation rises to 2.2% in September, matching expectations

By Mucahithan Avcioglu

ISTANBUL (AA) -Annual consumer inflation in the euro zone rose to 2.2% in September, up from 2% in August, according to a preliminary estimate released Wednesday by Eurostat.

The figure matched market expectations and remained above the European Central Bank’s (ECB) medium-term target of 2%.

The biggest upward driver of inflation was services, which were up 3.2% year-on-year in September, followed by food, alcohol, and tobacco (up 3%) and non-energy industrial goods (0.8%).

Energy prices, on the other hand, were the largest downward contributor to inflation, decreasing by 0.4% annually.

The core inflation rate, which excludes volatile food and energy prices, rose 2.3% annually — stable from the previous month and matching estimates.

Estonia had the highest annual inflation rate at 5.2% in September, followed by Croatia and Slovakia 00 each at 4.6% — and Latvia at 4.1%.

The lowest inflation rate was seen in the Greek Cypriot Administration, with 0%, followed by France at 1.1% and Greece and Italy — both registering both 1.8%.

On a monthly basis, the consumer price index rose 0.1% in September, the same rate as August.

The eurozone, also known as the euro area or EA20, represents the 20 EU member states that use the euro as their official currency.