The euro area annual inflation rate was 1.7% in September 2024, down from 2.2% in August. A year earlier, the rate was 4.3%. European Union annual inflation was 2.1% in September 2024, down from 2.4% in August. A year earlier, the rate was 4.9%. These figures are published by Eurostat, the statistical office of the European Union.
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The lowest annual rates were registered in Ireland (0.0%), Lithuania (0.4%), Slovenia and Italy (both 0.7%). The highest annual rates were recorded in Romania (4.8%), Belgium (4.3%) and Poland (4.2%). Compared with August 2024, annual inflation fell in twenty Member States, remained stable in two and rose in five.
In September 2024, the highest contribution to the annual euro area inflation rate came from services (+1.76 percentage points, pp), followed by food, alcohol & tobacco (+0.47 pp), non-energy industrial goods (+0.12 pp) and energy (-0.60 pp).
Table: Eurostat.
Also, the first estimates of euro area balance showed a €4.6 bn surplus in trade in goods with the rest of the world in August 2024, compared with €4.8 bn in August 2023. The euro area exports of goods to the rest of the world in August 2024 was €216.7 bn, a decrease of 2.4% compared with August 2023 (€222.0 bn).
Imports from the rest of the world stood at €212.1 bn, a fall of 2.3% compared with August 2023 (€217.2 bn).
Table: Eurostat.
In January to August 2024, extra-EU exports of goods rose to €1 709.1 bn (an increase of 0.8% compared with January-August 2023), and imports fell to €1 599.8 bn (a decrease of 6.3% compared with January-August 2023). As a result, the EU recorded a surplus of €109.3 bn, compared with €-12.4 bn in January-August 2023.
Intra-EU trade fell to €2 684.0 bn in January-August 2024, -3.2% compared with January-August 2023.
More information:
Eurostat
www.ec.europa.eu