skip to main content

Euro inflation slows in September

ECB - Inflation still above target
ECB - Inflation still above target

The annual inflation rate in the euro zone fell slightly in September to 2.2%, from 2.3% in August, despite the record surge in oil prices.

The data from Eurostat was a provisional estimate based on inflation rates from three euro zone countries - Germany, Belgium and Italy - and on oil prices movements which this month have seen crude surge above $50 a barrel.

The European Central Bank defines price stability as inflation which is close to but slightly below 2%.

Separate figures from the European Commission showed that the euro zone business confidence index, which measures sentiment among business leaders, fell by 0.03 points in September after a fall of 0.05 points in August to 0.48 points.

But the index, which had reached 0.56 points in July, the highest level for 12 months, remained at a relatively high level, the commission said.

Confidence slipped because business leaders had reduced their expectations for export orders, but their view of overall orders was unchanged, the commission said.