Financial News: Eurozone Inflation Eases To 1.7% In September

Eurozone Inflation Eases To 1.7% In September

10/17/2024 - 05:44:00 (RTTNews)

(RTTNews) - Eurozone inflation eased slightly more than initially estimated in September, raising expectations for a quarter-point rate cut by the European Central Bank later today.

The harmonized index of consumer prices posted an annual increase of 1.7 percent in September, which was revised down from 1.8 percent estimated on October 1, final data from Eurostat showed on Thursday. A month ago, inflation stood at 2.2 percent.

Inflation fell below 2 percent target for the first time since June 2021.

Excluding energy, food, alcohol and tobacco prices, core inflation softened to 2.7 percent, as estimated, from 2.8 percent a month ago.

On a monthly basis, the HICP edged down 0.1 percent, matching estimate.

Among the components of HICP, energy prices plunged 6.1 percent annually, following a 3.0 percent drop in August.

Prices of food, alcohol and tobacco rose at a slightly faster pace of 2.4 percent after a 2.3 percent gain. Meanwhile, services inflation weakened to 3.9 percent from 4.1 percent. The increase in non-energy industrial goods prices held steady at 0.4 percent.

Later today, the European Central Bank is widely expected to lower its key interest rates as concerns about the growth outlook heightened amid falling inflation. The bank is forecast to cut the key rates by 25 basis points after a similar reduction last month.

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