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November 16, 2018

In October, the annual inflation rate edged up to 2.2 per cent in both the European Union and in the Euro Area.  Inflation rates in Europe increased in early 2018 due to increases in energy prices and to a lesser extent food prices, but have been more stable in recent months. 

Among member states, the fastest year-over-year inflation was reported in Romania, Hungary and Estonia while the lowest inflation was reported in Denmark, Portugal and Ireland.

In October, food prices increased by 1.7 per cent (year-over-year) in the European Union and by 1.6 per cent in the Euro Area. 

Energy inflation continued to rise with the year-over-year inflation rate increasing to 10.0 per cent in the European Union and 10.7 per cent in the Euro Area.

Excluding the impacts of volatile energy, food, alcohol and tobacco prices year-over-year inflation is much more subdued in Europe - rising by 1.2 per cent for the European Union and by 1.1 per cent for the Euro Area. 

Source: Eurostat-News Release

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William Steele
Senior Economist
Tel: 902-424-6131