Inflation in the euro area
Data from 1 October 2024.
Next planned article update: 17 October 2024.
Full article
Euro area annual inflation rate and its main components
Euro area annual inflation is expected to be 1.8% in September 2024, down from 2.2% in August 2024.
Looking at the main components of euro area inflation, services is expected to have the highest annual rate in September (4.0%, compared with 4.1% in August), followed by food, alcohol & tobacco (2.4%, compared with 2.3% in August), non-energy industrial goods (0.4%, stable compared with August) and energy (-6.0%, compared with -3.0% in August).
Main components of inflation
Each of the main components contributes in varying degrees to the headline inflation in the euro area. In terms of weights for 2024, 100% for the headline HICP, services is the largest component, accounting for around 44.9% of household final monetary consumption expenditure in the euro area. It is followed by non-energy industrial goods with around 25.7%.
Food, alcohol & tobacco and energy account for 19.5% and 9.9%, respectively. Together, they comprise less than one third of euro area expenditure, but they can have significant impacts on the headline inflation as their prices tend to fluctuate significantly more than the other components.
The weights of the main components of the euro area for 2024 are presented in Figure 3. Table 2 shows their relative weights for 2024.
Direct access to
- HICP methodology (updated April 2023)
- HICP at constant tax rates
- News Release 113/2001 – First release of the Flash estimates
- News release 137/2012 – First release of the Flash estimates main components
- Harmonised indices of consumer prices (HICP), see a predefined selection under these links:
- Harmonised indices of consumer prices (ESMS metadata file - prc_hicp_esms)
- ECOICOP-HICP classification