November 17, 2023

According to the statistical office of the European Union (Eurostat), in October 2023, the Euro area annual inflation rate was 2.9%, down from 4.3% reported in September 2023. The prior year’s rate was 10.6%. Annual inflation in the European Union was 3.6% in October 2023, down from 4.9% in September 2023. The rate was 11.5% 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%), Czechia (9.5%) and Romania (8.3%), while the lowest annual rates were observed in Belgium (-1.7%), the Netherlands (-1.0%), and Denmark (-0.4%). Compared with September, annual inflation decreased in twenty-two Member States and increased in five.

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