Inflation across Europe went down last month according to the statistical office of the European Union (Eurostat).
The data for October 2023 showed that in the Euro Area annual inflation rate closed on 2.9 per cent, down from the 4.3 per cent reported in September 2023. For the same period last year inflation was 10.6 per cent.
The annual inflation in the European Union was 3.6 per cent in October 2023, down from 4.9 per cent in September 2023. The rate was 11.5 per cent a year earlier.
Services (+1.97 percentage points, pp) made the highest contribution to the annual inflation rate in the Euro Area in October, followed by food, alcohol & tobacco (+1.48 pp), non-energy industrial goods (+0.90 pp) and energy (-1.45 pp).
The highest annual inflation rates were recorded in Hungary (9.6 per cent), Czechia (9.5 per cent) and Romania (8.3 per cent) while the lowest annual rates were observed in Belgium (-1.7 per cent), the Netherlands (-1.0 per cent), and Denmark (-0.4 per cent). Compared with September, annual inflation decreased in 22 member states and increased in five.
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