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Written by 1:05 pm Sustainable Manufacturing

Eurozone inflation returns to 2% target rate in October

The consumer price inflation rate in the Eurozone area rose to 2.0% in October 2024, increasing from 1.7% in September but signalling a return to the bloc’s target rate. The previous year saw an increase of 2.9%.

In October 2024, the inflation rate in the European Union rose to 2.3% from 2.1% in September. One year prior, the percentage stood at 3.6%. Eurostat, the statistical office of the European Union, releases these statistics.

Slovenia recorded the smallest annual inflation rates at 0.0%, while Lithuania and Ireland both had rates of 0.1%. Romania had the highest yearly rates at 5.0%, followed by Belgium and Estonia at 4.5%.

In comparison to September 2024, inflation decreased in two countries, stayed the same in six, and increased in nineteen, according to a statement by the European Commission.

The inflation was mainly driven by higher price of services in the Euro area in October 2024 (+1.77 pp), with food, alcohol & tobacco following closely behind (+0.56 pp), then non-energy industrial goods (+0.13 pp), and energy having a negative impact (-0.45 pp).

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