Eurozone Inflation October 2016


Eurozone: Eurozone inflation rises to over two-year high

October 31, 2016

Eurozone inflation rose to an over two-year high in October, providing some evidence that the European Central Bank’s monetary stimulus is bearing fruit. According to a flash estimate released by Eurostat on 31 October, harmonized inflation was 0.5% in October. The result was one notch above market analysts’ expectations and September’s 0.4% reading.

According to Eurostat, the main contributors to October’s reading were higher prices for services and for food, alcohol and tobacco. Core inflation remained stable at 0.8% in October. Month-on-month price variations and a more detailed set of data will be provided on 17 November.

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 0.2% in 2016, which is down 0.1 percentage points from last month’s forecast. For 2017, panelists expect inflation to average 1.3%, which is unchanged from the previous month’s projection.

Author: Angela Bouzanis, Senior Economist

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