Euro Area: Inflation falls more than expected in September

Euro Area Inflation September 2023

Euro Area: Inflation falls more than expected in September

Harmonized inflation fell to 4.3% in September from 5.2% in August. The print represents the lowest rate since November 2021 and surprised markets on the downside. That said, inflation remained stuck above the European Central Bank’s target rate of 2.0%.

September saw weaker increases in prices for non-energy industrial goods, services and food, and alcohol and tobacco. Moreover, prices for energy declined at a sharper pace. Meanwhile, the annual rate of core inflation—which excludes volatile energy and unprocessed food prices—declined to 5.5% in September from August’s 6.2%.

On a monthly basis, harmonized consumer prices fell 0.4% in September, swinging from August’s 0.5% increase.

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