Eurozone flash CPI rises to 2.2% y/y in October, meets estimates

According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at 2.2% in October, matching expectations. Meanwhile, the core figures rose to 1.1 % in the reported month, when compared to 1.0% expectations and 0.9% previous.

Key Details (via Eurostat):

“Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in October (10.6%, compared with 9.5% in September), followed by food, alcohol & tobacco (2.2%, compared with 2.6% in September), services (1.5%, compared with 1.3% in September) and non-energy industrial goods (0.4%, compared with 0.3% in September).”

The Eurozone inflation report comes a day after the German Prelim CPI data was released, which showed that the German consumer price inflation came in upbeat for October, in line with the European Central Bank’s (ECB) rate target of just under 2 percent for the Eurozone as a whole.