Eurozone Inflation


Eurozone: Inflation moderates further, reaches lowest level in over three years

September 30, 2013

The harmonized index of consumer prices (HICP) added 1.1% in September over the same month last year, according to a flash estimate released by Eurostat on 30 September. The reading was down from August's rate of 1.3% and marks the slowest rate of inflation since February 2010. Month-on-month price variations and a more detailed set of data will be provided on 16 October.

Meanwhile, consumer prices rose 0.1% over the previous month in August, which contrasted the 0.5% drop recorded in July. Annual headline inflation fell from 1.6% in July to 1.3% in August and annual average inflation inched down from 2.0% in July to 1.9% in August.

The core inflation index, which does not include prices for energy, rose 0.2% over the previous month (July: -0.7% month-on-month). Annual core inflation was unchanged at July's 1.3%.

At a country level, 9 of the 17 Eurozone economies posted annual inflation rates equal to or above the regional average. Estonia (3.6%) and the Netherlands (2.8%) recorded the highest annual inflation rates. At the other end of the spectrum, Greece experienced a 1.0% year-on-year drop in consumer prices. Among the major economies in the area, inflation was above the regional average in Germany (1.6%) and Spain (1.6%), whereas it was below the average in Italy (1.2%) and France (1.0%).

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 1.5% in 2013, which is unchanged from last month's forecast. For 2014, panelists expect inflation to average 1.5%.

Author:, Head of Data Solutions

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