Harmonized inflation was 10.3% in October compared to 10.6% in September. The October figure marked the lowest inflation rate since May. The readings were driven by lower price pressures on transport. However, food inflation continued to accelerate.
Average annual harmonized inflation rose to 8.4% in October (September: 7.8%). Meanwhile, consumer price inflation eased to 9.8% in October from 10.0% in the previous month.
Finally, harmonized consumer prices rose 0.80% mom in October, compared with a 0.30% fall in September.
Analysts at FocusEconomics forecast harmonized inflation to average 6.1% in 2023, down 0.4 percentage points from last month’s forecast, and 2.8% in 2024.