Euro area annual inflation confirmed at over 2-year low in October

Eurozone's annual consumer inflation was confirmed at an over 2-year low in October as energy prices fell, according to the second reading released on Friday, Azernews reports, citing Anadolu Agency.

The consumer prices in the single currency zone increased 2.9% year-on-year in October, slowing from a 4.3% hike in September, Eurostat data showed.

The cost of energy plunged 11.2% from a year ago in October, accelerating from a 4.6% decline in the prior month.

Food prices gained 7.4% in October compared with the same month last year, easing from September's 8.8% rise.

The EU annual inflation cooled to 3.6% in October 2023, down from 4.9% in September.?

The lowest annual rates were seen in Belgium (-1.7%), the Netherlands (-1.0%) and Denmark (-0.4%). The highest annual rates were recorded in Hungary (9.6%), the Czech Republic (9.5%) and Romania (8.3%).

On a monthly basis, Eurozone's consumer price index went up by 0.1% in October.