The euro area annual inflation rate was 2.2pct in October 2018, up from 2.1pct in September 2018, with Estonia and Romania posting the highest annual rates, according to data released on Friday by the Eurostat EU official statistics office.
In the euro area, there is the fastest pace of consumer price growth since December 2012.
The figure provided by Eurostat is similar to the analysts' estimates and exceeds the target set by the European Central Bank. The ECB's objective is to keep price increases close to 2pct, which is considered to be beneficial to business.
The lowest annual rates were registered in Denmark (0.7pct), Portugal (0.8pct) and Ireland (1.1pct). The highest annual rates were recorded in Estonia (4.5pct), Romania (4.2pct) and Hungary (3.9pct). Compared with September 2018, annual inflation fell in eight Member States, remained stable in five and rose in fourteen.
In October 2018, the highest contribution to the annual euro area inflation rate came from energy (+1.02 percentage points, pp), followed by services (+0.65 pp), food, alcohol & tobacco (+0.42 pp) and non-energy industrial goods (+0.11 pp).
In September, Romania had the highest annual inflation rate among the EU member states for the eighth consecutive month, of 4.7pct.