You are here

Inflation at -1.9% in September 2020

16/10/2020 14:42

The euro area annual inflation rate was -0.3% in September 2020, down from -0.2% in August. A year earlier, the rate was 0.8%. European Union annual inflation was 0.3% in September 2020, down from 0.4% in August. A year earlier, the rate was 1.2%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Greece (-2.3%), Cyprus (-1.9%) and Estonia (-1.3%). The highest annual rates were recorded in Poland (3.8%), Hungary (3.4%) and Czechia (3.3%). Compared with August, annual inflation fell in thirteen Member States, remained stable in seven and rose in seven. In September, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+0.34 percentage points, pp), followed by services (+0.24 pp), non-energy industrial goods (-0.08 pp) and energy (-0.81 pp).

Meanwhile in the period from January to August 2020, euro area exports of goods to the rest of the world fell to €1,355.6 bn (a decrease of 12.4% compared with January-August 2019), and imports fell to €1,228.7 bn (a decrease of 13.1% compared with January-August 2019). As a result the euro area recorded a surplus of €127.0 bn, compared with +€133.7 bn in January-August 2019. Intra-euro area trade fell to €1 150.4 bn in January-August 2020, down by 12.3% compared with January-August 2019.

For  the EU27, in the period January to August 2020, extra-EU exports of goods fell to €1,229.9 bn (a decrease of 12.4% compared with January-August 2019), and imports fell to €1,118.8 bn (a decrease of 13.4% compared with January-August 2019). As a result, the EU recorded a surplus of €111.1 bn, compared with +€112.3 bn in January-August 2019. Intra-EU trade fell to €1 808.5 bn in January-August 2020, -11.2% compared with January-August 2019.

For Cyprus total exports amounted to €1.9 bn or -11% compared to the same period of last year and total imports to € 4.8 or -12%. As a result Cyprus recorded a trade deficit of -€2.9 bn.