Eurozone Inflation September 2016

Eurozone

Eurozone: Inflation hits over two-year high in September

Complete data released by Eurostat on 17 October confirmed that harmonized inflation was 0.4% in September, above August’s 0.2% and the highest reading seen since June 2014. The result was in line with the preliminary estimate. According to Eurostat, a less negative impulse from energy prices led to September’s rise in inflation.

Core inflation rested at 0.8% for the fourth consecutive month in September. In addition, annual average inflation was steady at August’s 0.1%. Meanwhile, harmonized consumer prices increased 0.4% in September on a monthly basis, after rising 0.1% in August.

Looking at the countries in the common-currency bloc, 10 of the 19 Eurozone economies showed inflation rates equal to or above the regional average. Belgium (1.8%), Estonia (1.7%) and Austria (1.1%) were the economies with the highest rates. In contrast, Slovakia (-0.5%), Cyprus (-0.4%) and Ireland (-0.4%) were the economies that registered the largest annual declines in HICP consumer prices. Among the largest economies in the Eurozone, inflation rose in France (0.5%), Germany (0.6%) and Italy (0.2%). Meanwhile, consumer prices recorded flat growth in Spain.

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 0.3% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect inflation to average 1.3%.


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Eurozone Inflation Chart


Euro Inflation by country September 2016

Note: Year-on-year var. of harmonized consumer price index (HICP) in %.
Source: Eurostat


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