eurozone inflation falls below ecb target in september
2024-10-02
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xinhua news agency, brussels, october 1 (xinhua) preliminary statistics released by eurostat on october 1 showed that affected by falling energy prices, the inflation rate in the euro zone was 1.8% on an annual basis in september, lower than 2.2% in august. for the first time this year, it fell below the european central bank's 2% target level.
data show that in september, service prices in the eurozone increased by 4.0% year-on-year, food, tobacco and alcohol prices increased by 2.4%, non-energy industrial product prices increased by 0.4%, and energy prices fell by 6.0%. that month, the core inflation rate, which excludes energy, food, tobacco and alcohol prices, was 2.7%.
from a country perspective, the inflation rates in september of the eu's major economies, germany, france, italy and spain, were 1.8%, 1.5%, 0.8% and 1.7% respectively.
analysts pointed out that falling inflation in the euro zone has strengthened expectations that the european central bank will cut interest rates again this month. the market expects that after cutting interest rates in june and september, the european central bank will cut its benchmark interest rate by another 25 basis points at its october monetary policy meeting.
however, analysts believe euro zone inflation remains sticky. services inflation, a key measure of price pressures, remained high at 4%. european central bank president lagarde recently said that eurozone inflation is expected to rebound in the fourth quarter of this year.
