Eurostat confirms Eurozone inflation at 2.2 percent in September

Brussels –Inflation in the euro area stood at 2.2 percent in September, up 0.2 percentage points from August levels. Eurostat confirms the preliminary estimates released at the beginning of the month, and also confirms the rise in services (3.2 percent, compared to 3.1 percent in August) and energy (-0.4 percent, compared to -2 percent in August). Non-energy industrial goods, on the other hand, were stable (0.8 percent), while general foodstuffs recorded a decline (3 percent, compared to 3.2 percent in August).

No change either at the level of the member states, where the cost-of-living level is confirmed compared to the preliminary data. Hence, increases for Germany (2.4 percent, +0.3 percentage points compared to August figures), France (1.1 percent, +0.3 percentage points), Italy (1.8 percent, +0.2 percentage points), and Spain (3 percent, +0.3 percentage points). 

The European Central Bank will now analyze the data with the Governing Council meeting at the end of the month (October 30) to decide on monetary policy. Given the upward trend, it seems unlikely that the ECB will opt for an interest rate cut, which should remain unchanged at current levels.