Eurozone inflation drops dramatically to 2.9%

Energy prices across the eurozone are expected to drop by 11.1% this month. 

Annual inflation in October across the eurozone has dropped significantly to 2.9% from the 4.3% recorded in September, the latest flash estimate from the EU shows.

Last week, data from the Central Statistics Office (CSO) showed that Ireland’s Harmonised Index of Consumer Prices (HICP) — which allows the EU to compare inflation across the eurozone — dropped to 3.6% from 5%.