Eurozone annual inflation reaches ECB target - Increases to 2% in October
The annual eurozone inflation rate was 2% in October 2024, up from 1.7% in September. A year ago, the rate was 2.9%, according to data published by Eurostat, the statistical office of the European Union.
Meanwhile, the annual inflation of the European Union was 2.3% in October, from 2.1% in September of this year. A year ago, the rate was 3.6%.
Eurostat noted in a press release on its website that the lowest annual rates were recorded in Slovenia (0.0%), Lithuania and Ireland (both 0.1%). The highest annual rates were recorded in Romania (5.0%), Belgium and Estonia (both 4.5%). Compared to September 2024, annual inflation fell in two Member States, remained stable in six and increased in nineteen.
"In October 2024, the highest contribution to the euro area's annual inflation rate came from services (+1.77 percentage points, pp), followed by food, alcohol and tobacco (+0.56 pp), non-energy industrial goods ( +0.13 pp) and energy (-0.45 pp)," Eurostat also pointed out.
The ECB may not be surprised by the October figures, as policymakers had forecast a temporary rise in inflation during the final months of 2024.
In its October bulletin, the ECB reaffirmed its expectation of short-term inflationary growth before a gradual decline towards its 2% target over the coming year.
The ECB has noted that domestic inflationary pressures remain high, driven by wage growth, which continues at an elevated pace. However, it foresees a gradual easing of labor cost pressures, with corporate profits expected to absorb some of the cost increases, eventually softening their impact on headline inflation.
During its last meeting in October, the ECB reiterated its commitment to a "data-driven and meeting-by-meeting" approach to future policy decisions.
With inflation still within target, the ECB may feel under pressure to maintain its gradual approach to policy normalization at its final meeting of the year in December.
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