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Europe's inflation eased to 2.9% in October thanks to lower fuel prices. But growth has vanished
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FILE - Gas prices are displayed at a gas station next to the headquarters of the European Central Bank, rear, in Frankfurt, Germany, on July 28, 2023. The inflation that has been wearing on European consumers fell sharply to 2.9% in October, its lowest in more than two years as fuel prices fell and rapid interest rate hikes from the European Central Bank took hold. - photo by AP Photo/Michael Probst, File
FRANKFURT, Germany (AP) — The inflation that has been wearing on European consumers fell sharply to 2.9% in October, its lowest in more than two years as fuel prices fell and rapid interest rate hikes from the European Central Bank took hold. But that encouraging news was balanced by official figures showing economic output in the 20 countries that use the euro shrank by 0.1% in the July-September quarter. Inflation fell from an annual 4.3% in September as fuel prices fell by 11.1% and painful food inflation slowed, to 7.5%.