Investing.com - Consumer price inflation in the euro zone slowed unexpectedly in September, downwardly revised from a preliminary estimate, official data showed on Tuesday.
In a report, Eurostat said consumer price inflation slowed to 2.6% in September, down from an initial estimate of 2.7%. Analysts had expected euro zone consumer prices to hold steady at 2.7%.
The rate remains above the European Central Bank's target of near but just below 2%.
Month-on-month, CPI rose 0.7%, in line with expectations, after increasing 0.4% in August.
Core CPI, which excludes food, energy, alcohol, and tobacco costs held steady at 1.5%, unchanged from a preliminary estimate, but below expectations for a gain of 1.6%.
Following the release of that data, the euro came off the highest levels of the session against the U.S. dollar, with EUR/USD rising 0.34% to trade at 1.2991.
Meanwhile, European stock markets held on to gains following the data. The EURO STOXX 50 rose 0.8%, France’s CAC 40 added 0.5%, Germany's DAX climbed 0.6%, while London’s FTSE 100 gained 0.5%.
In a report, Eurostat said consumer price inflation slowed to 2.6% in September, down from an initial estimate of 2.7%. Analysts had expected euro zone consumer prices to hold steady at 2.7%.
The rate remains above the European Central Bank's target of near but just below 2%.
Month-on-month, CPI rose 0.7%, in line with expectations, after increasing 0.4% in August.
Core CPI, which excludes food, energy, alcohol, and tobacco costs held steady at 1.5%, unchanged from a preliminary estimate, but below expectations for a gain of 1.6%.
Following the release of that data, the euro came off the highest levels of the session against the U.S. dollar, with EUR/USD rising 0.34% to trade at 1.2991.
Meanwhile, European stock markets held on to gains following the data. The EURO STOXX 50 rose 0.8%, France’s CAC 40 added 0.5%, Germany's DAX climbed 0.6%, while London’s FTSE 100 gained 0.5%.