Brussels: The annual inflation rate in the euro area reached 2% in October, surpassing the anticipated market forecast of 1.9%, as revealed by Eurostat on Thursday. This increase marks a rise from the 1.7% inflation rate recorded in September, showcasing a notable change in the economic landscape of the region.
According to Anadolu Agency, the services sector witnessed the highest annual contribution to inflation in October, with prices rising by 3.9%. This was closely followed by the sectors of food, alcohol, and tobacco, which experienced a 2.9% increase in prices. These figures indicate the areas most affecting the overall inflation rate across the eurozone.
Among the euro area countries, Belgium reported the highest inflation rate at 4.7%, followed by Estonia at 4.5%. Croatia and Slovakia both recorded inflation rates of 3.5%. On the other end of the spectrum, Slovenia reported a zero-percent inflation rate, while Ireland and Lithuania both saw a minimal increase of 0.1%. These variations highlight the
diverse economic conditions present within the eurozone.