More expensive services and food pushed up euro zone consumer prices in October, data showed on Friday, with the EU statistics agency confirming that annual inflation slowed sharply.
Eurostat said consumer inflation in the 20 countries that use the euro slowed to 2.9% in October on an annual basis from 4.3% in September, after prices rose 0.1% in the month .
Price increases in the services sector, the largest part of the euro zone economy, added 1.97 percentage points to the final annual figure. More expensive food, alcohol and tobacco added another 1.48 points.
A sharp drop in energy prices subtracted 1.45 points from the final number, while non-energy industrial products added another 0.9 points.
The European Central Bank wants to keep inflation at 2.0% in the medium term and has raised interest rates to record levels to slow price growth, while slowing economic growth in the euro zone.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
