The European Statistical Office (Eurostat) has published the final inflation data of the Euro Zone and the European Union (EU) for October.
According to data, annual inflation in the Eurozone, which was 1.7 percent in September, rose to 2 percent in October. CPI was 0.3 percent on a monthly basis in October.
Market expectations were for annual inflation in the Eurozone to be 2 percent and monthly inflation to be 0.3 percent in October.
Core inflation in the Eurozone was measured at 2.7 percent annually and 0.2 percent monthly in October.
Thus, the Eurozone inflation rate reached the European Central Bank (ECB) target of 2 percent in October.
When we look at the main components of inflation in the Eurozone, the highest annual inflation was in services with 1.77 percent. Services were followed by food, alcohol and tobacco products with 0.56 percent, and non-energy industrial products with 0.13 percent. Inflation in energy products was minus 0.45 percent.
Annual inflation in the EU, which was 2.1 percent in September, rose to 2.3 percent in October. CPI in the EU was determined as 0.4 percent on a monthly basis in October.
According to EU-compatible data, the countries with the highest annual inflation in October were Romania with 5 percent, Belgium and Estonia with 4.5 percent, and Poland with 4.2 percent.
In October, annual inflation was determined at 2.4 percent in Germany, 1.6 percent in France, 1 percent in Italy and 1.8 percent in Spain.
