In October 2024, the annual inflation rate in the euro area increased to 2.0%, up from 1.7% in September but lower than the 2.9% recorded in October 2023, according to Eurostat, the statistical office of the European Union.
In October 2024, the annual inflation rate in the euro area increased to 2.0%, up from 1.7% in September but lower than the 2.9% recorded in October 2023, according to Eurostat, the statistical office of the European Union. Inflation in the European Union also rose, reaching 2.3% in October, compared to 2.1% in September. However, this marked a decline from the 3.6% rate reported in October 2023.
The lowest inflation rates were observed in Slovenia (0.0%), and both Lithuania and Ireland (0.1%). Conversely, Romania recorded the highest rate at 5.0%, followed by Belgium and Estonia, both at 4.5%. Compared to September 2024, inflation decreased in two Member States, remained stable in six, and increased in nineteen.
In October 2024, services were the largest contributor to the euro area’s annual inflation, accounting for +1.77 percentage points. Food, alcohol, and tobacco followed, contributing +0.56 percentage points. Non-energy industrial goods added +0.13 percentage points, while energy prices continued to exert a downward pressure, subtracting -0.45 percentage points from the overall inflation rate.
Source: Eurostat
Global markets remained focused on U.S. fiscal concerns, shifting central bank expectations, and renewed Middle East tensions.
Fed Inflation Concerns RemainThe latest Federal Reserve minutes show that inflation remains a central concern for policymakers, even as recent economic data has reduced the urgency for another rate increase. Some officials believe price pressures are becoming more widespread, while a smaller group directly supported further tightening.
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Dollar Falls on Debt Concerns as Yields Rise (24 – 28 August)Global markets entered the week with the US dollar under continued pressure as concerns over federal debt and Treasury market management moved to the center of investor attention. The Dollar Index hovered near 98.8 following sharp losses in the previous week, while the US Treasury’s expanded bond buyback programme pushed longer-term yields and the dollar lower. The move supported gold, silver, and major currencies, while investors assessed its longer-term implications for US borrowing costs and the yield curve.
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