Eurozone – Inflation back above 2%

As generally expected, the eurozone inflation rate rose from 2.0% to 2.2% in September. The main reason for this was that energy prices were only 0.4% lower than a year earlier. In recent months, the decline compared with the same month last year had been significantly greater, putting correspondingly greater downward pressure on the overall inflation rate. Excluding energy prices and the prices of food and beverages, the inflation rate was 2.3%, meaning that this core rate remained unchanged from the previous month.

A look at the subcomponents of the core inflation rate shows that inflation for goods (excluding energy and food) was 0.8% for the third month in a row. Ultimately, however, it has hardly changed since mid-2024. In contrast, the inflation rate for services has been on a downward trend for several months, although this came to a halt in September. In September, the rate rose slightly from 3.1% to 3.2%.

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