Inflation Fell in Europe
Inflation Fell in Europe The European Statistical Office (Eurostat) shared the leading data on the annual inflation in September for the Euro Area, which includes 19 European countries. Accordingly, inflation fell in the Eurozone.
Accordingly, annual inflation in the Eurozone, which was 1 percent in August, fell to 0.9 percent in September. Looking at the main components of inflation in the Eurozone in September, the highest annual inflation was 1.6 percent in food, alcohol and tobacco products. This was followed by services with 1.5 percent, non-energy industrial products with 0.3 percent and energy with minus 1.8 percent.
On the other hand, the European Central Bank (ECB), which is responsible for conducting monetary policy in the Eurozone, targets inflation at just under 2 percent but close to 2 percent to ensure price stability in the region. It is noteworthy that annual inflation is well below the ECB’s target.