Published: Thu, November 02, 2017
Economy | By Shawn Conner

Eurozone inflation dips unexpectedly in October


The eurozone's economy grew by 0.6% in the three months to September, above analysts' expectations, according to European Union statistics office Eurostat. Inflation in Europe's powerhouse economy had been stable at 1.8 percent in August and September, close to the target of just below 2.0 percent that central bank governors have pushed for with massive interventions in recent years.

For the past 12 months, the growth rate was 2.5%, Eurostat said.

Total headline CPI for the 19-nation currency bloc fell to 1.4% in October, down from 1.5% in September, according to official data from Eurostat.

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The European Central Bank wants to keep the headline inflation number below, but close to 2 per cent over a two-year horizon and last week made a decision to extend its government bond buying programme that pumps cash into the banking sector, although to reduce it in size.

Economists polled by Reuters had expected a 0.5 per cent quarterly rise and a 2.4 per cent year-on-year gain.

We expect domestic demand to remain the main growth driver (+0.48pp), while net trade contribution should be slightly positive (+0.1pp). Investment went up by 0.8%, after a 1% increase in the second quarter.

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The UK's annual rate of GDP growth in the third quarter was just 1.5 per cent.

Meanwhile, figures issued by the Greek statistics service Elstat showed that Greece's economy returned to growth in the first three months of 2017.

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