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Annual inflation in the eurozone fell more sharply than expected in September following a slump in food prices, data released on Friday showed.
The cost of living in the 17-member currency bloc dropped to 1.1 per cent, compared with 1.3 per cent in August, according to preliminary data released by the European Union’s statistics office Eurostat.
Analysts had expected inflation to decline to 1.1 per cent this month.
Annual food prices slumped from 3.2 per cent in August to 2.6 per cent in September, Eurostat said.
The September decline left consumer prices well below the European Central Bank’s (ECB) annual target of an inflation rate close to but below 2 per cent.
This month’s drop gives the ECB’s room to consider rate cuts to help bolster the eurozone’s fragile economy.
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