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Inflation in the eurozone in October slowed to the lowest since July 2021


November, 17 2023
watermark Economic news

According to the statistical office of the European Union, in October, consumer prices in the eurozone increased by 2.9% year-on-year, which is the lowest increase since July 2021. These final data did not surprise market participants, coinciding with preliminary indicators and analysts' forecasts. 


In September of this year, inflation in the eurozone amounted to 4.3% in annual terms, in October 2022 it was at the level of 10.6%. On a monthly basis, consumer prices in the eurozone rose by 0.1% in October (+0.3% in September).


Despite a significant decrease in inflation rates, they still exceed the European Central Bank's target level of 2%. 


Core inflation (CPI Core index, excluding food and energy) in October fell to 4.2% in annual terms, which is also the lowest since July 2022.


In October, energy prices fell by 11.2%, which softened inflation. While food, alcohol and tobacco products rose in price by 7.4%, and the cost of services increased by 4.6%.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.