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HICP differs from the Consumer Price Index in certain areas but allows for an inflation comparison to be made across the EU. The inflation rate across the rest of the eurozone in the year to the end of September was 2.2%. Energy prices are estimated to have risen by 2.7% over the last 12 months, while food prices have increased by 4.6%. Excluding energy and unprocessed food, the HICP is estimated to have increased by 2.6% since October 2024. Transport costs have grown by 1.9% over the last year. In a statement published by the ECB, it said inflation “remains close to the 2% medium-term target and the Governing Council’s assessment of the inflation outlook is broadly unchanged”. “The economy has continued to grow despite the challenging global environment. The robust labour market, solid private sector balance sheets and the Governing Council’s past interest rate cuts remain important sources of resilience.” However, despite this, the ECB said the outlook was “still uncertain” owing to ongoing “global trade disputes and geopolitical tensions”. The interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will remain unchanged at 2%, 2.15% and 2.40% respectively.
