Annual inflation in the Eurozone has risen to 2 percent in October 2024 compared to the same month in 2023, marking an increase from 1.7 percent in September. This information comes from a preliminary assessment released today by Eurostat, the European statistical service.

This inflation estimate exceeds the expectations of analysts surveyed by Reuters, who had predicted a rise to 1.9 percent. There is a possibility that inflation could continue to accelerate in the coming months, which may prompt the European Central Bank to adopt a more cautious stance regarding interest rate reductions.

The most notable increase in prices for October is anticipated in the services sector, which is expected to see a rise of 3.9 percent, remaining unchanged from September's figures, according to the preliminary Eurostat report. Additionally, Eurostat forecasts an uptick in food, beverage, and tobacco prices, projected to reach 2.9 percent in October, up from 2.4 percent in the previous month.

Energy prices are also on the rise, increasing to 1.3 percent from just 0.2 percent in September. A slower pace of price increases is expected for industrial goods, with a forecast of 0.5 percent compared to 0.4 percent in September.

Moreover, the decline in energy product prices in the Eurozone is expected to slow to minus 4.6 percent, down from minus 6.1 percent last month. According to Eurostat's preliminary findings, Belgium is projected to experience the highest annual inflation rate in October at 4.7 percent, closely followed by Estonia at 4.5 percent.

On the other end of the spectrum, Slovenia is anticipated to have the lowest annual inflation rate at 0 percent, with Ireland and Lithuania expected to follow closely at 0.1 percent each.