Breaking: Eurozone Preliminary HICP inflation declines to 2.9% YoY in October vs. 3.1% expected

The Eurozone Harmonised Index of Consumer Prices (HICP) rose at an annual pace of 2.9% in October, as against a 4.3% increase in September, the official data published by Eurostat showed on Tuesday. The HICP inflation print was anticipated at 3.1% in the reported period.

The Core HICP inflation dropped 4.2% YoY in October, compared with September’s 4.5% uptick. The market consensus was for a 4.2% acceleration.

The European Central Bank’s (ECB) inflation target is 2.0%.

The old continent’s HICP inflation data have a significant impact on the market’s pricing of the ECB policy outlook. Markets are currently wagering that the ECB is almost at the end of its tightening cycle.

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