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Eurozone, EU annual inflation rises 2.2% in October

Eurozone, EU annual inflation rises 2.2% in October

Mubasher: The final estimates indicated that the Eurozone annual inflation rose to 2.2% in October, from 2.1% in September, according to official data released on Friday.

In addition, annual inflation in the European Union (EU) came in also at 2.2% last October, compared with 2.1% in the prior month, the EU statistical office Eurostat said.

Omitting energy, the harmonised indices of consumer prices (HICP) for the Eurozone rose to 2.2% in October, compared with 1.4% in the same month of the previous year.

The Eurostat’s figures showed that the energy sector was the major contributor to the Eurozone inflation at 1.02% during the month, followed by 0.65% for the service sector, 0.42% for food alcohol and tobacco, and 0.11% by non-energy industrial goods.

The lowest annual rates were logged in Denmark at 0.7%, Portugal at 0.8% and Ireland at 1.1%, whereas the highest annual inflationary levels were observed in Estonia at 4.5%, Romania at 4.2%, with 3.9% for Hungary.

By 10:06 am GMT, the EUR/USD pair went up 0.04% to $1.1332.