BRUSSELS (Reuters) – More expensive energy and services boosted eurozone inflation in September, as expected, data showed on Wednesday, with core inflation also coming higher.
The European Union (EU) statistics office, Eurostat, reported that consumer prices in the 19 countries that use the euro increased by 0.5% month-on-month in September, for a 3.4% year-on-year increase, as estimated previously by Eurostat.
Although the number was well above the European Central Bank’s (ECB) target of 2%, the overrun resulted mainly from the year-on-year increase of 17.6% in energy prices and 2.0% in the costs of food, alcohol and tobacco.
Without these volatile items, the so-called core inflation grew 0.4% month-on-month, for an annual increase of 1.9%, above the 1.6% increase in August.
Eurostat said energy prices accounted for nearly half of the overall annual inflation reading, adding 1.63 percentage points to the final result. Services added 0.72 percentage point and the prices of non-energy industrial goods, 0.57 point.
The ECB expects consumer prices to start decelerating again in 2022.
(By Jan Strupczewski)
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