THE inflation in the eurozone increased again in September and stood at 2%, just at the limit set by the European Central Bank (ECB) to determine whether price stability exists. On the other hand, the unemployment rate The average for countries that use the euro as their currency was 6.3% in the same month, without any variation from the previous month. This is reflected in the statistics published this Thursday by Eurostat.
The price increase in October shows a moderation in the reduction of energy costswhich now falls by 4.6% compared to the 6.1% drop recorded in September. This less pronounced drop indicates less downward pressure on energy prices compared to previous months.
On the other hand, the fresh food They became more expensive in October, with an increase of 3% year-on-year, compared to 1.6% in September. This increase in fresh produce could be influenced by factors such as seasonality, possible adjustments in supply or increases in production and distribution costs.
Concerning the unemployment rate, in September 2024, the unemployment rate in the eurozone it remained at 6.3%, unchanged from the previous month, reaching a historic low since the series began in 1999. In the EU as a whole, the rate also remained stable at 5.9%, the lowest level recorded. However, Spain stands out with the highest unemployment ratelocated at 11.2%.
Unemployment in Europe
Eurostat reports that around 13.04 million people were unemployed in the EU in September, including 10.88 million in the Eurozone. This figure reflects a monthly increase of 61,000 unemployed in the EU and 13,000 in the eurozone, although compared to September 2023, unemployment fell by 226,000 people in the EU and by 330,000 in the eurozone. euro.
The highest unemployment rates in the EU corresponded to Spain (11.2%), Greece (9.3%) and Suede (8.5%). On the other hand, the countries with the lowest rates were Czech Republic (2.8%), Poland (2.9%) and Malta (3%).
Among the young people under 25the unemployment rate in the Eurozone was 14.4%, up slightly from the previous month, and in the EU it reached 14.8%. This represents a total of 2.86 million unemployed young people in the EU, including 2.28 million in the eurozone.
In Spain, the number of unemployed reached 2.74 million in September, including 488,000 were minors 25 years, putting the youth unemployment rate at an alarming 26.5%, the highest in the EU, surpassing Suede (24.7%) already Portugal (21.6%).
Inflation in the Eurozone
The cost of non-energy industrial goods it would have increased by 0.5% in October, a tenth more than in September, and services inflation would remain stable at 3.9%. In this way, ignoring the energy impact On the price side, the inflation rate in the euro zone would be 2.7%, compared to 2.6% in September.
In the case of underlying ratewhich in addition to energy excludes fresh food, alcohol and tobacco, prices would have maintained the increase of 2.7% over one year, in line with the previous month.
Among Eurozone countries, the highest inflation rates in October would correspond to Belgiumwith 4.7%, ahead Estoniawith 4.5%, and Croatia And Slovakiaboth with 3.5%.
On the other hand, the lowest price increases were observed Sloveniawhere they remained stable, as well as Ireland And Lithuaniawith year-on-year increases of 0.1%.
In the case of the main euro area economies, inflation Germany would have increased to 2.4% against 1.8% in September; In France up 1.5% versus 1.4%; in Italy at 1% compared to 0.7% the previous month; and in Spain at 1.8% compared to 1.7% in September.
Last week, the president of the ECB, Christine Lagardewarned of the need to approach future movements of the entity with caution, anticipating a rebound in the coming months of the inflation rate in the euro zone above the 2% threshold set as the stability objective by the institution.
“We have reason to believe that it will exceed 2% again in the coming months,” he warned during his speech at an event organized by the Atlantic Council.
The European Statistics Office plans to release the second reading of inflation data on November 19, which will include the full data for October.
