BRUSSELS, Nov 17 (Reuters) – More expensive services and food were the main drivers of consumer price growth in the euro zone in October, data showed on Friday, 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 2.0% 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.
In the table below there is included the core rate of inflation referred to by the European Central Bank, which excludes volatile energy and unprocessed food costs.
Euro area inflation rates in % for main components, measured by HICPs
Weights (‰)Annual rate Monthly rate 2023 Oct 22 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Oct 23 All-items HICP 1000.0 10.6 6.1 5.5 5.3 5.2 4.3 2.9 0.1 > excluding energy 897.7 6.9 7.0 6.9 6.7 6.3 5.5 4.9 0.2 > excluding energy, unprocessed food 852.7 6.4 6.9 6.8 6.6 6.2 5.5 5.0 0.2 > excluding energy, food, alcohol & tobacco 697.9 5.0 5.3 5.5 5.5 5.3 4.5 4.2 0.2 > excluding energy, seasonal food 872.3 6.7 6.9 6.8 6.6 6.2 5.4 5.0 0.2 > excluding tobacco 978.6 10.8 6.1 5.5 5.3 5.2 4.3 2.8 0.1 Food, alcohol & tobacco 199.8 13.1 12.5 11.6 10.8 9.7 8.8 7.4 0.2 > excluding processed food, alcohol & tobacco 154.8 12.4 13.4 12.4 11.3 10.3 9.4 8.4 0.1 > excluding unprocessed food 45.0 15.5 9.6 9.0 9.2 7.8 6.6 4.5 0.7 Energy 102.3 41.5 -1.8 -5.6 -6.1 -3.3 -4.6 -11.2 -1.1 Non-energy industrial goods 262.7 6.1 5.8 5.5 5.0 4.7 4.1 3.5 0.6 Services 435.3 4.3 5.0 5.4 5.6 5.5 4.7 4.6 0.0
For Eurostat release, click on:
https://ec.europa.eu/eurostat/web/main/news/euro-indicators
The Malta Employers’ Association today launched its Memorandum to Political Parties ahead of the general election, presenting a clear, values-driven framework for Malta’s future. The doc...
Chevron will begin exploring for oil and gas in waters south of Malta, marking a significant step for the Mediterranean island nation, which has no active hydrocarbon production and has ...
Updated 1040
Morning Briefing
White Rocks Regeneration to Create Major Public Green Space After Waste Clearance: Environment Minister Miriam Dalli said the regeneration of White Ro...
Morning Briefing
Tax Case Against Christian Borg Dropped Following SettlementCriminal proceedings against car dealer Christian Borg have been halted after a settlement with the tax a...
The European Parliament has thrown its weight behind demands for a bigger long-term EU budget, approving its position for negotiations on the bloc’s next seven-year financial framework f...
Disinformation is no longer spreading only through fringe actors or political agitators, but through a digital system that rewards outrage, sensationalism and engagement above accuracy, ...
Chevron will begin exploring for oil and gas in waters south of Malta, marking a significant step for the Mediterranean island nation, which has no active hydrocarbon production and has ...
Airbnb and Expedia joined a growing list of travel companies warning that the Middle East conflict is weighing on demand, as hostilities in the region enter their third month.
Both c...
“A company’s workplace culture praised by management, needs to be taken with caution. But when the recognition comes directly from employees, that carries greater weight,” says JONATHAN ...
EU lawmakers have approved new rules aimed at strengthening how failing banks are managed, extending protections to a wider range of institutions and depositors across the bloc.
The p...
The regeneration project of Birgu’s main square by Studjurban completed last year, gained further international attention with a Special Mention award at the internationally recognised A...
Malta Public Transport has launched a new digital signage system across key transport hubs in Malta and Gozo, providing passengers with real-time travel information. The system has been ...
The United States launched what it described as “self-defense” strikes against Iranian military targets after three US Navy destroyers came under attack in the Strait of Hormuz, sharply ...
French shipping giant CMA CGM reported that its vessel San Antonio was attacked while passing through the Strait of Hormuz, leaving several crew members injured and the ship damaged. The...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
María Corina Machado is a prominent figure in Venezuela’s opposition. She has reported that one of her closest associates, Juan Pablo Guanipa, was abducted. This occurred mere hours afte...
Ukraine struck Russia’s oil infrastructure in the Black Sea port city of Tuapse for the third time in a month, local authorities said Tuesday.
The city, which declared an environmenta...
Russian forces have taken 1,700 square km (656 square miles) of territory in Ukraine this year and are advancing on its so-called fortress belt in Donbas, Moscow's top general said whil...
