Annual inflation in the eurozone fell to its lowest level since October 2021, falling to 4.3% in September, down from 5.2% in August, CNBC reports.
Core inflation, which excludes energy and food, declined to 4.5% year-on-year in September, down from 5.3% in August.
This drop in inflation comes after the European Central Bank (ECB) raised interest rates to a record level in September, setting its key rate at 4%.
The ECB’s recent macroeconomic projections anticipate average inflation of 5.6% for 2023, decreasing to 3.2% in 2024 and 2.1% in 2025.
