Eurozone final CPI revised higher to 0.5% MoM in September

• Eurozone inflation arrives at 3.4% YoY in September.
• Monthly CPI in the bloc rises to 0.5% in September.
• EUR/USD remains unfazed below 1.1650 on the EZ data.

According to Eurostat’s final reading of the Eurozone CPI report for September, the consumer prices came in at 3.4% on a yearly basis, in line with the flash estimate of 3.4% and 3.4% expectations. While the core figures rose by 1.9%, matching the 1.9% consensus forecasts.       

On a monthly basis, the bloc’s CPI figure for September arrived at 0.5% versus 0.5% expectations and 0.4% previous while the core CPI numbers came in at 0.5% versus 0.5% expected and 0.5% last.

Key details (via Eurostat):

“The lowest annual rates were registered in Malta (0.7%), Portugal (1.3%) and Greece (1.9%). The highest annual rates were recorded in Estonia, Lithuania (both 6.4%) and Poland (5.6%). Compared with August, annual inflation fell in one Member State, remained stable in one and rose in twenty-five.”

“In September, the highest contribution to the annual euro area inflation rate came from energy (+1.63 percentage points, pp), followed by services (+0.72 pp), non-energy industrial goods (+0.57 pp) and food, alcohol & tobacco (+0.44 pp).”

FX implications:

EUR/USD is trading under pressure below 1.1650 on the data release.

At the press time, the spot is trading 0.04% lower on the day at 1.1625.