Consumer Price Index (CPI) in the Euro Zone increased by 2 percent on an annual basis in October, above expectations.
The European Statistical Office (Eurostat) published the leading inflation data for the Eurozone for October.
Accordingly, the annual CPI in the Eurozone, which was 1.7 percent in September, increased to 2 percent in October. The expectation was that annual inflation would be 1.9 percent in October.
Core inflation in the Eurozone was 2.7 percent on an annual basis in October.
When we look at the main components of inflation, the highest price increase was seen in the services sector with 3.9 percent. This was followed by food, alcohol and tobacco products with 2.9 percent, and non-energy industrial products with 0.5 percent. Energy prices decreased by 4.6 percent in October.
According to EU compatible data, inflation was 4.7 percent in Belgium, 3.3 percent in the Netherlands, 4.5 percent in Estonia and 3.2 percent in Greece in October. Annual inflation in Germany was 2.4 percent in October, 1.8 percent in Spain, 1.5 percent in France and 1 percent in Italy.
The European Central Bank aims to make inflation sustainable at the 2 percent target in the medium term.
