The annual inflation rate in the euro zone, which includes 20 countries, rose by 2.9 percent in October, according to estimates released by the European Union statistics office, Eurostat, on Friday.
Annual inflation recorded 4.3% last September.
The index increased by 0.1% on a monthly basis in October.
The decline was supported by the decline in energy prices by 11.2% on an annual basis, which contributed to a reduction of 1.45 percentage points from the index as a whole. While the prices of the services sector – which has the largest weight in the index – rose at a pace of 4.6%, adding 1.97 percentage points to the index as a whole.
Energy prices have witnessed significant increases in Europe since the Russian-Ukrainian war, which resulted in sanctions against Moscow, the main supplier of gas to Europe, in addition to rising food prices as a result of global inflation.
(Prepared by: Jihan Laghamari, Reviewed by: Alia Bayoumi, Contact: [email protected])
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2023-11-17 13:32:21
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