November 17, 2021

According to the statistical office of the European Union (Eurostat), in October 2021, the euro area annual inflation rate was 4.1%, up by 0.7% from the 3.4% reported in September 2021. However, in October 2020 a year earlier, the rate was -0.3%. Additionally, in the European Union annual inflation was reported at 4.4%, 0.8% greater than September 2021 rate of 3.6%; relative to the previous year, the rate was 0.3%.

The lowest annual rates were observed in in Malta (1.4%), Greece and Finland (2.8%) and Portugal (1.8%). The highest annual rates were recorded in Lithuania, Estonia and Hungary 8.2%, 6.8% and 6.6%, respectively. When compared with September, annual inflation rate rose in twenty-seven areas.

Eurostat also noted that the highest contribution to the annual euro area inflation rate in October 2021 came from: energy (+2.21 percentage points, pp), followed by non-energy industrial goods (+0.55 pp), services (+0.86 pp) and food, alcohol & tobacco (+0.43 pp).

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