Euro Area: Inflation ebbs in October from the prior month
Latest reading: Harmonized consumer prices increased 2.1% on a year-on-year basis in October, following a 2.2% rise in the previous month and matching market estimates.
Relative to the prior month’s data, there were reduced price pressures for food, alcohol and tobacco (+2.5% on a year-on-year basis vs +3.0% in September), energy prices (-1.0% vs -0.4% in September) and non-energy industrial goods (+0.6% vs +0.8% in September). In contrast, price pressures were higher for services in October (+3.4% vs +3.2% in September).
Meanwhile, core consumer prices rose 2.4% on a year-on-year basis in October, stable from the prior month’s reading.
Finally, harmonized consumer prices rose 0.21% in October on a month-on-month basis, following a 0.09% rise in the prior month.