Euro-area inflation has dropped to its lowest level in more than two years, with consumer prices rising by 2.9% in October, down from the previous month’s 4.3%, Bloomberg reports.
The European Central Bank (ECB) has implemented ten consecutive rate hikes to combat inflation, which has brought inflation closer to its 2% target but also raised loan costs for households and businesses.
The Eurostat reported that the euro zone’s gross domestic product (GDP) declined by 0.1% in the third quarter. Germany saw a 0.1% decline in output, raising concerns of a potential recession, Italy avoided such a fate, while France and Spain experienced growth in the same period.
