Today’s figure is still double the European Central Bank’s target, however.
The Eurozone’s annual inflation rate fell to 4.3% year-on-year in September, Eurostat announced on Friday.
This figure is the lowest level since October 2021 and should bring slight relief to the millions of households in the area still grappling with high prices.
However, inflation in the 20 countries sharing the euro currency remains well above the 2% target set by the European Central Bank (ECB).
The ECB recently revised its inflation forecasts upward for both 2023 to 5.6% and 2024 to 3.2%, primarily driven by an increased trajectory in energy prices.
For 2025, the central bank anticipates inflation to average 2.1%.
Another data set published on Friday brought glum news for the EU’s second-biggest economy France, with inflation hitting 4.9% year-on-year in September.
“The slowdown over one year in the prices of food, services and manufactured products” has been “counterbalanced by the acceleration in energy prices”, said the National Institute of Statistics and Economic Studies.
Our journalists are working on this story, and it will be updated shortly.