Bloomberg, citing the Eurostat data, reported that in October, eurozone inflation dropped to 2.9%.
In the middle of the autumn, consumer price growth slackened to 2.9%, the lowest level in the last two years.
As a result, in early November, the eurozone approached the ECB’s target of 2%. Notably, in recent months, consumer price growth in the region has slowed down by 1.4%.
Such inflation slackening caused concerns among economists. Curiously, official inflation figures failed to meet the expectations of analysts polled by Bloomberg. They had anticipated that consumer prices would rise by 3.1% on a yearly basis. Eurostat estimated that in October, the eurozone GDP slid by 0.1%.
According to analysts, in the European Union, the rise in consumer prices has been easing for several months already. In September, inflation in the region was at 4.3%, compared to 5.2% in August. Analysts explain such a dynamic by a gradual decline in energy prices.