The European Union statistics agency published its 2.9% inflation, the 2-year low in October and lower than 4.9% in the previous month, while its core inflation fell to 4.2% from 4.5% in September. Eurozone inflation in October was still driven by food, alcohol and tobacco at 7.5%, services at 4.6%, non-energy industrial goods at 3.5%, in contrast to energy that contracted 11.1%.
The Eurostat also revealed the EU’s Q3 GDP at -0.1%, which is the same as Germany’s GDP. This could possibly make the EU miss this year’s target at 0.7% growth, 2024 at 1% and 2025 at 1.5%. Meanwhile, other countries’ growth remained divergent from each other. Latvia grew by 0.6%, Belgium at 0.5%, Spain at 0.3%, while Ireland shrank by 1.8% and Austria followed by 0.6%.
