Eurozone September Inflation Meets Expectations

September 2023 Data from Eurostat

The European Statistical Office (Eurostat) announced the Euro Area's September 2023 flash inflation data. According to the data, annual inflation in the Euro Area rose from 2 percent to 2.2 percent in September. This increase occurred in line with the forecasts of economists participating in the Bloomberg survey.

ECB's Inflation Target

Furthermore, the European Central Bank (ECB) had set its inflation target at 2 percent. In this context, consumer prices in the Euro Area also increased by 0.1 percent, in line with expectations. Core inflation, on an annual basis, remained stable at 2.3 percent, as expected.

Components of Inflation

Looking at the main components of Euro Area inflation, the highest annual increase in September was in the services sector with 3.2 percent. This was followed by food products, including alcohol and tobacco, with 3 percent. However, the only main component that showed a decrease in price was the energy sector, with 0.4 percent.