In October, the inflation rate within the European Union decreased to 3.6%, as reported by Eurostat on Friday. Among the 27 countries, the Czech Republic experienced the second-highest inflation at 9.5%, while Hungary led with the highest inflation rate of 9.6%.
The Czech Statistical Office revealed that the annual inflation in the Czech Republic for October was 8.5%. Analysts noted that this figure was elevated due to the influence of a cost-saving electricity tariff in the previous October. They anticipate a significant decline in the numbers in the upcoming months.
Within the eurozone countries, the inflation rate dropped from 4.3% in September to 2.9% in October. This aligns with the preliminary Eurostat report published at the end of October, which did not encompass data for the entire European Union. Eurostat highlighted that compared to September, the inflation rate decreased in 22 member states but increased in five.
In October, services prices had the most substantial impact on overall inflation in the euro area, contributing 1.97 percentage points, followed by the food, alcohol, and tobacco category with a contribution of 1.48 percentage points.
The countries with the lowest inflation rates in October were Belgium (-1.7%), the Netherlands (-1.0%), and Denmark (-0.4%).
Looking back to October 2022, the inflation rate across the European Union was 11.5%, with Hungary at 21.9% and the Czech Republic at 15.5%. In the euro area during the same period a year ago, inflation stood at 10.6%.