Annual inflation rate in the Euro Area accelerated to 2% in October 2024 after touching 1.7% in September which was the lowest since April 2021, and above forecasts of 1.9%, flash estimates showed.

A rise in inflation in the last months of the year was already anticipated due to base effects.

Prices rose faster for food, alcohol and tobacco (2.9% vs 2.4%) and non-energy industrial goods (0.5% vs 0.4%). In addition, energy cost fell at a slower pace (-4.6% vs -6.1%) but services inflation steadied at 3.9%.

The unemployment rate in the Euro Area was at 6.3% in September of 2024, holding at its lowest on record, and slightly below market forecasts of 6.4%