Euro zone Oct y/y inflation revised marginally lower, still record high
6:12 am Thursday, November 17th, 2022
BRUSSELS (Reuters) – Euro zone inflation in October was marginally lower than previously reported in year-on-year terms but still at a record high because of surging energy prices, final data showed from the European Union’s statistics office showed on Thursday.
Eurostat confirmed that consumer inflation in the 19 countries sharing the euro rose 1.5% month-on-month in October, for a 10.6% year-on-year increase, a revision from the 10.7% annual reading reported previously.
Of the final year-on-year number, 4.44 percentage points came from soaring energy prices, which were 41.5% higher in October than a year earlier. Another 2.74 percentage points came from more expensive food, alcohol and tobacco.
Without the most volatile energy and unprocessed food components, what the European Central Bank calls core inflation, consumer prices rose 0.7% month-on-month and 6.4% year-on-year.
An even narrower measure that excludes alcohol and tobacco, whose prices often fluctuate due to changes in the excise tax, showed inflation at 0.6% on the month and 5.0% year-on-year.
The ECB wants to keep inflation at 2 percent over the medium term and has been sharply raising interest rates since July to help curb price growth.
(Reporting by Jan Strupczewski)
