According to Eurostat, inflation in Greece reached 3.2% in October, recording a slight increase from 3.1% in September. On a monthly basis, Greece experienced a 0.2% rise, underscoring sustained cost increases.
In Europe’s common monetary bloc, the Eurozone, the consumer price index settled at 2% from 1.7% the previous month.
Services experienced the highest annual rate in October at 3.9% (unchanged from September), followed by food, alcohol, and tobacco at 2.9%, up from 2.4%. Non-energy industrial goods rose to 0.5% from 0.4%, while energy costs decreased by 4.6%, an improvement from the 6.1% drop in September.
In Germany, inflation rose to 2% in October from 1.6% in September, as reported by the Federal Statistical Office. Core inflation, which excludes food and energy, increased to 2.9%. Notably, prices for services in areas such as holiday packages and insurance climbed by 4% compared to October 2023. Food prices rose 2.3%, while energy prices fell 5.5%.
In France, inflation remained below the ECB’s 2% target for the second consecutive month, registering at 1.5% in October (up from 1.4% in September). The French statistics agency Insee indicated that the 1.5% inflation aligns with Bloomberg analysts’ expectations. France’s relatively lower inflation has contributed to the ECB’s decision to cut deposit rates three times this year.
Spain also saw a rise, with its annual inflation reaching 1.8% in October, up from 1.5% in September, according to preliminary figures from the National Statistics Institute (INE). This increase was driven by higher fuel costs, with additional contributions from gas and electricity prices, albeit to a lesser extent.
These shifts in inflation in Greece and the Eurozone highlight the mixed inflationary landscape across Europe, reflecting diverse economic pressures across different regions and sectors.
