Consumer prices for the Eurozone for the month of October have just been published in full. As expected, they rise by 0.7% after 0.8% in September. The growth rate is getting weaker and weaker! Energy prices within consumer prices are pulling the overall average down brutally. Energy is at -3.1% year-on-year, after -1.8%, -0.6% and +0.5% in the previous months. Food can stabilize the average a little with +1.5%. Italy’s overall rate is only 0.2%, and Greece’s -0.3%. Here are more details from Eurostat in the wording:
The lowest annual rates were observed in Cyprus (-0.5%), Greece (-0.3%) and Portugal (-0.1%). The highest annual rates were observed in Romania (3.2%), Hungary (3.0%) and Slovakia (2.9%). Compared with September, annual inflation fell in fifteen Member States. It remained stable in eight and rose in five Menmber States. In October, the highest annual contributions to Euro area inflation were observed for services (+0.69 percentage points, pp.), food, alcohol and tobacco (+0.29 pp.). Also for industrial goods excluding energy (+0.07 pp.) and energy (-0.32 pp.).