Eurozone inflation falls to 1.8% in September, the lowest since 2021, with notable drops in energy and steady growth in services and essentials.
The Eurozone's annual inflation rate fell to 1.8% in September 2024, the lowest since April 2021, down from 2.2% in August and matching forecasts of 1.8%, based on preliminary estimates. Among the key components of Eurozone inflation, services registered the highest annual rate at 4.0%, a slight decrease from 4.1% in August. This was followed by food, alcohol, and tobacco, which rose to 2.4% from 2.3% in the previous month. Non-energy industrial goods remained steady at 0.4%, while energy experienced a sharper decline, dropping to -6.0% from -3.0% in August.
Source: EUROSTAT
The EUR/USD pair continued its decline, dropping to a three-week low as Eurozone inflation softened and expectations of an ECB rate cut grew.
Detail Markets Weighed by Strong U.S. Labor Data and Geopolitical Tensions (10.03.2024)The EUR/USD pair experienced selling pressure, dropping to a three-week low as investors reassessed their expectations for Fed rate cuts following strong U.S. labor market data and hawkish comments from Fed Chair Powell. Meanwhile, the euro is under pressure due to falling inflation in the Eurozone and increasing speculation that the ECB may lower rates.
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US Manufacturing PMI Hits Lowest Point Since JuneUS manufacturing contracted further in September as output and new orders dropped amid weak demand and political uncertainty.
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