Eurostat: inflation rose to 3.9% in October

The harmonized inflation index in Greece rose to 3.9% in October compared to September, according to estimates by the European Statistics Service (Eurostat).

On an annual basis, in October 2023, inflation in our country reached 9.5%. Let us recall that according to Eurostat, in September inflation reached 2.4% year on year, while the Greek Statistics Authority announced that annual inflation at the national level was 1.6%.

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In the eurozone, inflation slowed to 2.9% year on year in October, reaching its lowest level in two years (from 4.3% in September). Analysts had expected a decline to 3.1%. If you look at the main inflation trends in the euro area, it is expected that:

• food, alcohol and tobacco had the highest annual inflation rate in October (7.5% compared to 8.8% in September),
• services have become more expensive (4.6% compared to 4.7% in September),
• non-energy industrial goods (3.5% compared to 4.1% in September),
• energy resources (-11.1% compared to -4.6% in September).

In a separate statement, Eurostat said euro zone GDP fell 0.1% in the third quarter due to higher interest rates – analysts had expected it to remain unchanged.

Inflation in Germany fell to 3%

The country with the largest economy in the eurozone has recorded a significant slowdown in inflation. In particular, the consumer price index in Germany increased by 3% year on year in October, the country’s statistics office reported on Monday. Analysts had expected growth of 3.3%. In September, the consumer price index showed an annual increase of 4.3%. On a monthly basis, the consumer price index fell 0.2% in October (against expectations of a 0.1% increase).

France records 20-month low
National and annual inflation in France slowed to 4% in October from 4.9% in September, a result in line with market expectations. As Bloomberg notes, the figure is at its lowest level since February last year, since Russia invaded Ukraine. This is due to slowing prices for energy, food and, to a lesser extent, processed products.

On a monthly basis, consumer prices rose 0.1%, reversing a 0.5% decline in September. Additionally, harmonized inflation – a measure that compares it with the rest of the eurozone – fell to a 20-month low of 4.5% year on year, down from 5.7% in the previous month.

In Spain, growth rates increased to 3.5%
Spain’s consumer price index remained unchanged at 3.5% year on year and nationally in October, the National Institute of Statistics said in a preliminary report. Analysts predicted that it would increase to 3.8%.

Annual inflation was mainly driven by electricity prices. Core inflation, which excludes volatile energy and food prices, fell to 5.2% from 5.8% in September. Both annual figures remain well above the European Central Bank’s 2% target.

On a monthly basis, consumer prices rose by 0.2%, the same as in September – this was lower than analysts’ forecasts by 0.6%. However, on a harmonized basis, compared with the rest of the eurozone, inflation accelerated to 3.5% per annum from 3.3% in September (3.7% forecast).

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