Eurozone inflation accelerated to 2% in October

Inflation in the euro area in October 2024 increased by 2% compared to the same month in 2023. Thus, inflation accelerated compared to September, when it was 1.7%. This is evidenced by preliminary data from Eurostat.

The analysts’ consensus forecast, cited by Trading Economics, predicted an increase in the October consumer price growth rate to 1.9%.

Core inflation, which excludes food and energy costs, increased by 2.7%, which is the same as in September.

Energy prices in October fell by 4.6% compared to a 6.1% decline in the previous month.

In September, the countries with the highest annual inflation rates were Belgium (4.7%), Estonia (4.5%), Croatia and Slovakia (3.5%). The lowest rates were recorded in Slovenia (0%), Lithuania, and Ireland (0.1%). In Germany, consumer prices rose by 2.4%, in Italy – by 1%, and in France – by 1.5%.

Еhe seasonally adjusted GDP of the European Union in the third quarter of 2024 increased by 0.3% compared to the previous quarter, when the bloc’s economy grew by 0.3%. Compared to July-September 2023, EU GDP grew by 0.9%. At the same time, the eurozone economy grew by 0.4% q/q and 0.9% y/y over the same period.

As GMK Center reported earlier, the European Central Bank cut key interest rates by 25 basis points on October 17, as analysts had expected. This is the third reduction in a row since June this year.