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Eurozone: Annual inflation moderates to 2.9% in October, its lowest level since July 2021

Eurostat has reported that the Eurozone Consumer Price Index (CPI) It has moderated 1.4 points in the annual reading for October, standing at 2.9% compared to 4.3% in September, as expected. This is the lowest level of inflation recorded in 27 months, specifically since July 2021.

The CPI has grown monthly at a rate of 0.1% in October, below the 0.3% of the previous month. The result is in line with what was expected and places monthly inflation at three-month lows.

Annual core inflation has dropped three tenths, from the previous 4.5% to the current 4.2%, its lowest rate since July 2022, meeting expectations. On a monthly basis, the underlying CPI maintains its growth at 0.2%, in accordance with market consensus.

EUR/USD reaction

The EUR/USD has barely changed its price after the data, but the slight movement has been enough to reach the day’s highs at 1.0859. At the time of writing, the pair is trading above 1.0859, gaining 0.12% daily.

Source: Fx Street

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