2023-10-19 00:39:34
Published on: Thursday, October 19, 2023 – 3:38 AM | Last updated: Thursday, October 19, 2023 – 3:38 AM
Inflation in the euro zone fell to its lowest level in nearly two years in September following a sharp tightening of monetary policy.
The inflation rate reached 4.3% in September, a significant decline from the rate of 5.2% recorded in August, according to final data from the European Union statistics agency Eurostat on Wednesday.
The statistics agency confirmed the initial estimate published on September 29, and the latest inflation rates are the weakest since October 2021, when the inflation rate recorded 4.1%.
Excluding volatile energy, food, alcohol and tobacco prices, core inflation fell to 4.5%, according to preliminary estimates, from 5.2% in the previous month.
The European Central Bank has raised interest rates during 10 consecutive meetings since July last year. The interest rate was raised by 400 basis points. European Central Bank officials expected inflation to decline to 3.2% next year, from estimates of 5.6% in 2023.
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