Eurozone Inflation Revises Down to 9.9% in September, Still at Record High

The Eurozone reported annual inflation of 9.9% in September, marginally lower than estimated earlier but still at record high, officials showed on Wednesday.

In September 2022, Eurostat, the European Union’s statistical office, stated that consumer prices in the 19 countries using the euro were 9.9%, up from 9.1% in August, though this was a downward revision from an initial estimate of 10%.

Rising energy prices accounted for 4.19 percentage points of the total year-on-year reading, with food contributing for another 2.47 points and services adding for 1.80 points.

Without volatile unprocessed food and energy costs, or what the European Central Bank refers to as core inflation, prices rose 0.9% month on month and 6.0% year on year.

Meanwhile, annual inflation in the European Union was 10.9% in September 2022, up from 10.1% in August. The rate was 3.6% a year ago.