Eurozone Annual Inflation Hits 3.4% In September

Eurozone inflation climbed to 3.4% in September, mainly driven by higher energy prices, the European Union's statistics office reported on Wednesday.

The annual inflation rate was 3% in August and minus 0.3% in September 2020, according to figures published by Eurostat.

"The highest contribution to the annual euro area inflation rate came from energy (up 1.63 percentage points), followed by services (0.72 percentage points), non-energy industrial goods (0.57 percentage points) and food, alcohol & tobacco (0.44 percentage points)," read the report.

EU annual inflation jumped to 3.6% in September, up from 3.2% in August, while the rate was 0.3% in September 2020.

Compared with August, annual inflation fell in one member state, remained stable in one and rose in 25.

The highest annual inflation rate of 6.4% was seen in Estonia and Lithuania, followed by Poland at 5.6%.

Malta (0.7%), Portugal (1.3%) and Greece (1.9%) had the lowest inflation rates in September.

On a monthly basis, consumer prices were up 0.5% both in the EU and the euro area in September.​​​​​​ -