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Eurozone Inflation Unrevised At 2.9%, Lowest In 27 Months

Eurozone inflation eased further in October to the lowest level in more than two years amid cheaper energy costs along with a slowdown in food prices, final data from Eurostat showed on Friday.

Harmonized inflation stood at 2.9 percent in October, well below the 4.9 percent rise seen in September.

The statistical office confirmed the flash estimate published on October 31.

The latest inflation figure was the weakest since July 2021, when the rate stood at 2.2 percent.

Nonetheless, the inflation rate is still above the European Central Bank’s target of 2.0 percent.

Excluding volatile energy, food, alcohol, and tobacco, core inflation also moderated to 4.2 percent, as initially estimated, from 4.5 percent in the previous month.

Energy prices alone slumped by 11.2 percent annually in October, faster than the 4.6 percent drop in September.

The annual price growth in food, alcohol, and tobacco eased to 7.5 percent from 8.8 percent.

Month-on-month, the harmonized index of consumer prices edged up 0.1 percent in October, in line with the flash data.

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