The annual inflation rate in the euro area reached 1.7 % in September 2024, down from 2.2 % in August. A year earlier, it was 4.3 %. Annual inflation in the European Union was 2.1 % in September 2024, down from 2.4 % in August. A year earlier, it was 4.9 %. These figures are published by Eurostat, the statistical office of the European Union.
The lowest annual inflation rates were recorded in Ireland (0.0 %), Lithuania (0.4 %), Slovenia and Italy (both 0.7 %). The highest annual rates were recorded in Romania (4.8 %), Belgium (4.3 %) and Poland (4.2 %). Compared to August 2024, annual inflation fell in 20 Member States, remained stable in two and increased in five.
In September 2024, services (+1.76 percentage points, pp.), followed by food, alcohol and tobacco (+0.47 pp.), non-energy industrial goods (+0.12 pp.) and energy (-0.60 pp.) contributed the most to the annual inflation rate in the euro area.
The euro area consists of Austria, Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia and Finland.
The European Union includes Austria, Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Croatia, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
The data for the euro area and the European Union refer to the composition of the respective countries at a specific point in time. Changes in the composition of these aggregates are incorporated using a chain index formula.
Annual inflation is the change in the price level of consumer goods and services between the current month and the same month of the previous year. Monthly inflation is the change in the price level between the current month and the previous month.
The paper shows how much of the annual inflation rate is accounted for by a particular component of the HICP. Contributions are calculated according to a method that ensures their additivity (taking into account rounding).
A flash estimate of inflation in the euro area is published at the end of each reference month. Flash estimate of euro area inflation for September 2024, which was published on 1 October 2024, was 1.8 %.
The next flash estimate of inflation in the euro area with data for October 2024 is scheduled for 31 October 2024.
Eurostat/ gnews - RoZ
ILLUSTRATIVE PHOTO - pixabay
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