Inflation in the eurozone fell to 2.9 percent on an annual basis in October. The European statistical agency Eurostat reports this in a flash estimate
Oct 31 (Telegraph News) — This is the lowest number in two years. The figure is better than Factset analysts had predicted. They expected a decline of up to 3 percent.
According to Eurostat, prices for food, alcohol, and tobacco have risen the most (+7.5 percent compared to +8.8 percent in September). Energy prices, which rose sharply last year due to the war in Ukraine, fell by 11.1 percent, compared to a decline of 4.6 percent in September.
According to Eurostat‘s calculation method, Belgian inflation is 0.3 percent on an annual basis and even -1.7 percent on a monthly basis. Statbel uses a different calculation method and on Monday came with an inflation rate of 0.36 percent in Belgium, the lowest level since January 2021.
The European Central Bank aims for an inflation rate of 2 percent in the medium term.
