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EZ Final HICP confirms flash, October disinflation broad-based


EZ Final HICP confirms flash; October disinflation broad-based Eurozone final HICP inflation for October confirms flash estimates at +2.9% Y/Y (vs +4.3% Y/Y prior) and +0.1% M/M (vs +0.3% prior).

  • Core inflation printed in line with the flash at +4.2% Y/Y (vs +4.5% Y/Y prior).
  • All major components contributed less to the headline inflation rate than in September, indicating October’s disinflation like in September was broad-based – although around two thirds the Y/Y change from September was driven by a larger negative contribution from energy base effects.
  • The largest contributor to the headline rate was once again services (adding +1.97ppt), although this is the lowest Y/Y increase in services inflation since October 2022 and -0.08ppt lower contribution than in September (+2.05ppt).
  • Energy’s contribution weighed -1.45ppt – accounting for around 0.90ppt of the headline HICP Y/Y disinflation versus September, and the sixth consecutive negative contribution.
  • At a country level, Greece, Italy, Latvia, Malta, Portugal saw flash estimates revised down by -0.1ppt, while Lithuania's flash estimate was revised up by +0.1ppt and Cyprus up by 0.3ppt and remaining countries printed as expected.

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