The annual inflation rate in the Euro Area reached 2% in October 2024, up from 1.7% in September, which had marked the lowest rate since April 2021.
The annual inflation rate in the Euro Area reached 2% in October 2024, up from 1.7% in September, which had marked the lowest rate since April 2021. Preliminary estimates indicate that this figure exceeded market forecasts of 1.9%. The rise in inflation reflects varied trends across the primary components of the Euro Area's consumer price index.
In October, services inflation remained the highest among sectors, holding steady at an annual rate of 3.9%. The food, alcohol, and tobacco category saw a notable increase, rising to 2.9% from 2.4% in September. Non-energy industrial goods inflation is expected to tick up slightly to 0.5% from 0.4%. However, energy prices are forecasted to decline by 4.6%, an improvement from the 6.1% drop seen in September, continuing to exert a moderating influence on overall inflation levels.
Source: Eurostat
Global markets remained focused on shifting Middle East developments and monetary policy expectations, with reports of progress toward a Strait of Hormuz shipping agreement influencing sentiment.
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