Consumer prices
Inflation in the euro zone continues to rise
The high energy costs are fueling inflation in the euro area. Photo: Hendrik Schmidt / dpa-Zentralbild / dpa
© dpa-infocom GmbH
Energy remains one of the price drivers for inflation in the euro area: in this area, prices rose by 17.6 percent in September compared to the previous year.
Inflation in the euro area increased further in September and reached its highest level in 13 years.
The Eurostat statistics office announced on Friday in Luxembourg after a second estimate that consumer prices had risen by 3.4 percent compared to the previous year. A first survey was thus confirmed. The last time inflation was higher was in September 2008.
In August the rate was 3.0 percent and in July 2.2 percent. Energy rose particularly sharply in September, which was 17.6 percent more expensive than a year earlier. Industrial goods prices rose 2.1 percent. Food and beverages cost 2.0 percent more than a year ago. Services were 1.7 percent more expensive.
The core inflation rate excluding energy and food also rose. It increased from 1.6 percent in August to 1.9 percent. Economists expected this. Core inflation is considered by many economists to be a more reliable measure of inflation because it tends to fluctuate less.
The European Central Bank is aiming for inflation of 2 percent in the medium term. However, it regards the rise in inflation as temporary and points to numerous special effects, most of which can be traced back to the pandemic.