Europe Gets Good Inflation News. With The Usual Caveats

There was good news on the inflation front in Europe Friday. Headline price growth probably receded to just 4.3% in September, Eurostat said, in the flash estimate for this month. That's the lowest since October of 2021 and it was accompanied by a below consensus read on core prices, which rose "just" 4.5% from a year ago. Base effects helped, and part of the drop is lackluster demand which, when considered with price growth that's still more than double target, points to stagflation. Still

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