2023-09-29 19:36:13
Economic data, published today, Friday, showed that the core inflation rate in the euro zone declined during the current month to its lowest levels in regarding a year, which reinforces expectations that the European Central Bank will maintain interest rates during its next meeting to evaluate the effects of the unprecedented campaign to increase interest rates throughout the past period.
The European statistics agency Eurostat reported today that the core inflation rate, which excludes the most volatile commodities such as food and energy, fell to 4.5% this September, while analysts polled by Bloomberg News expected it to decline to 4.8%, compared to 5.3% in the month. the past.
At the same time, the general inflation rate declined from 5.2% last August to 4.3% this month, which is its lowest level in regarding two years and also lower than expectations, thanks to the decline in energy prices in addition to the sharp slowdown in the pace of rise in services prices.
The data released today is a strong indication that the core inflation rate, a key measure for monetary policy makers at the central bank, is on the path of decline following the period of statistical distortion in the summer months.
Despite the decline, both general and core inflation rates are more than double the rate targeted by the Central Bank, which is 2% annually.
At the same time, there is a large discrepancy in inflation rates between the twenty member states of the euro zone, as the inflation rate in Germany fell to its lowest levels in two years this month, while the rate in Spain rose to more than 3% once more.
The data also showed a new decline in the consumer price inflation rate during the current month of September, reaching its lowest level in more than a year and a half, as the Italian Statistical Office stated that the inflation rate declined during the current month to 5.3% annually compared to 5.4% last month. At the same time, the core inflation rate, which excludes the more volatile food and energy prices, fell to 4.6% this month, compared to 4.8% last month.
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