Estimates by Eurostat or the Statistical Office of the European Union just before showed that annual inflation in the euro area rose to 10.7% in October in the preliminary reading, compared to 9.9% in the September reading, exceeding expectations that indicated its stability at 9.9%.
The largest contribution to inflation in July came from the energy sector, which rose at an annual pace estimated at 41.9% in October, while the food, alcohol and tobacco index rose by 13.1%, while the services index rose to 4.4% from 3.4%.
The core index, excluding food and energy prices, rose by 5% in October, compared to 4.8 in the September reading, while expectations were for the index’s stability.
On the other hand, the gross domestic product rose by 0.2% in the euro area by 0.2% in the European Union in the preliminary reading for the third quarter of this year.
The euro is trading at 0.9940 levels against the US dollar, on a decline in mid-European trading.
02/11/2024
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