Inflation In The Euro Area Remained Negative In October

Inflation In The Euro Area Remained Negative In October

Inflation in the euro area remained negative for the third consecutive month in October. The main reason was the reduction in energy prices. The euro area consumer price index fell 0.3 percent year on year in October, the same as in September, according to Eurostat, confirming its preliminary estimate. In August, the index fell by 0.2 percent year on year. In the same month last year, the year-on-year inflation rate reached 0.7 percent. Across the European Union (EU), consumer prices rose 0.3 percent year on year in October, the same as in September. A year ago, year-on-year inflation was 1.1 percent. Among EU member states, consumer prices fell sharply in October in October (-2 percent), followed by Estonia (-1.7 percent) and Ireland (-1.5 percent). On the other hand, the highest inflation was recorded in Poland (3.8 percent), Hungary (3 percent) and the Czechia (2.9 percent). In Slovakia, consumer prices rose by 1.6 percent year on year in October. In October, food, alcohol and tobacco prices contributed the most to euro area inflation (+0.38 percentage points), followed by services prices (+0.19 points). On the contrary, energy prices cut inflation by 0.81 percentage point, falling by 8.2 percent year on year. In a month-on-month comparison, consumer prices in the euro area and across the EU rose by 0.2 percent.