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Prices in annual comparison increased by 2.9% in October, a figure that had not been seen since August 2021 and a figure that is almost a point and a half less than in September of this year, when inflation was at a stubborn 4 ,3 %. However, GDP contracted 0.1% in the third quarter of this year, the first negative number reported since the economic blow of the Covid-19 pandemic.
The strict controls to reduce inflation are taking effect in the Eurozone, where, month by month, the rate has been slowing down from the two figures reported in November 2022.
The October data also exceeded the forecasts of Reuters and Financial Times analysts, who expected inflation close to 3.1%.
And from the 10.1% annual rate of the eleventh month of last year, the data was minimized to the 2.9% known this Tuesday, October 31. In December it was 9.2%, in January it was 8.6% and the rest of this year the data has always been lower than the previous month, as shown in the following graph.
And in its objective of controlling inflation, the European Central Bank (ECB) raised the interest rate that sets the cost of money sharply and for ten consecutive sessions. Earlier this month, however, it stopped its upward trend and decided to leave interest rates unchanged.
Specifically, and reviewing the 20 economies that share the euro as a common currency, only Belgium (-1.7%) and the Netherlands (-1%) recorded negative data.
France surprised with the 1.2 points less it reported in its annual data for October, which was 4%; Germany also saw a considerable drop from 4.3% in September year-on-year to 3% in October; Spain and Portugal slowed down, and one of the biggest declines was in Italy: in September the annual rate was 5.6% and in October it plummeted to 1.9%.
With local media
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