Financial News: Eurozone Inflation Unrevised At 2.9%, Lowest In 27

Eurozone Inflation Unrevised At 2.9%, Lowest In 27 Months

11/17/2023 - 06:19:00 (RTTNews)

(RTTNews) - Eurozone inflation eased further in October to the lowest level in more than two years amid cheaper energy costs along with a slowdown in food prices, final data from Eurostat showed on Friday.

Harmonized inflation stood at 2.9 percent in October, well below the 4.9 percent rise seen in September.

The statistical office confirmed the flash estimate published on October 31.

The latest inflation figure was the weakest since July 2021, when the rate stood at 2.2 percent.

Nonetheless, the inflation rate is still above the European Central Bank's target of 2.0 percent.

Excluding volatile energy, food, alcohol, and tobacco, core inflation also moderated to 4.2 percent, as initially estimated, from 4.5 percent in the previous month.

Energy prices alone slumped by 11.2 percent annually in October, faster than the 4.6 percent drop in September.

The annual price growth in food, alcohol, and tobacco eased to 7.5 percent from 8.8 percent.

Month-on-month, the harmonized index of consumer prices edged up 0.1 percent in October, in line with the flash data.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Private Sector Employment Rises Less Than Expected In November (09 min(s), 16 sec(s) ago)
(RTTNews) - Private sector employment in the U.S. increased by less than expected in the month of ...Full Story»

Ireland Jobless Rate Rises Slightly To 4.8%, Highest In 20 Months (29 min(s), 16 sec(s) ago)
(RTTNews) - Ireland's unemployment rate increased somewhat in November to the highest level in ...Full Story»

German Construction Activity Contracts Most Since April 2020 (50 min(s), 16 sec(s) ago)
(RTTNews) - German construction sector deteriorated at the steepest pace in just over three-and-a- ...Full Story»

U.S. Labor Productivity Jumps More Than Previously Estimated In Q3 (57 min(s), 16 sec(s) ago)
(RTTNews) - The Labor Department released a report on Wednesday showing U.S. labor productivity su ...Full Story»

U.S. Trade Deficit Widens In October Amid Pullback By Exports (01 hr(s), 02 min(s), 16 sec(s) ago)
(RTTNews) - Largely reflecting a pullback in the value of exports, the Commerce Department release ...Full Story»

U.S. Private Sector Employment Rises Less Than Expected In November (01 hr(s), 17 min(s), 16 sec(s) ago)
(RTTNews) - Private sector employment in the U.S. increased by less than expected in the month of ...Full Story»

UK Construction Downturn Continues In November (01 hr(s), 49 min(s), 16 sec(s) ago)
(RTTNews) - UK construction activity remained in contraction for the third straight month in Novem ...Full Story»

Eurozone Retail Sales Recover 0.1% (02 hr(s), 59 min(s), 16 sec(s) ago)
(RTTNews) - Euro area retail sales increased for the first time in four months in October, largely ...Full Story»