October 18, 2023

According to the statistical office of the European Union (Eurostat), in September 2023, the Euro area annual inflation rate was 4.3%, down from 5.2% reported in August 2023. The prior year’s rate was 9.9%. Annual inflation in the European Union was 4.9% in September 2023, down from 5.9% in August 2023. The rate was 10.9% a year earlier.

Services (+2.05 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in September, followed by food, alcohol & tobacco (+1.78 pp), non-energy industrial goods (+1.06 pp) and energy (-0.55 pp).

The highest annual inflation rates were recorded in Hungary (12.2%), Romania (9.2%) and Slovakia (9.0%), while the lowest annual rates were observed in Netherlands (-0.3%), Denmark (0.6%) and Belgium (0.7%). Compared with August, annual inflation decreased in twenty-one Member States, remained stable in one and increased in five.

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