Inflation in Europe has fallen to an annualized 4.3%, its lowest level since October 2021.
Inflation in September declined from a 5.2% annual reading in August, while month-over-month inflation dropped to 0.3% from 0.5%.
Core inflation, which excludes volatile energy, food, alcohol, and tobacco products, decreased to 4.5% year-over-year in September from 5.3% in August.
The latest inflation reading comes a week after the European Central Bank (ECB) raised interest rates to a record high of 4%.
The ECB forecasts that inflation in Europe will average 5.6% this year, before falling to 3.2% in 2024 and 2.1% in 2025.
However, the central bank has warned that the current surge in crude oil prices, which are nearing $100 U.S. per barrel, could complicate its inflation forecasts.
Inflation differs greatly among countries in Europe. Annual price rises in Germany, the biggest European economy, came in at 4.3% in September as that country struggles with an economic slowdown.
Elsewhere, inflation in France during September was up 5.6% from a year ago, while inflation rose 3.2% year-over-year in Spain.