Euzo zone inflation, growth slow as ECB hikes weigh

© Reuters. A saleswoman sweeps the floor for the opening of a spice shop in downtown Ronda, Spain, October 3, 2023. REUTERS/Jon NazcaFRANKFURT - Inflation in the euro zone hit a two-year low a month after its economy began contracting, data showed on Tuesday, illustrating the dual impact of a steady diet of European Central Bank's interest rate hikes.

But the brisk decline from the double-digit figures of just a year ago is coming at a cost: the euro zone economy dipped by 0.1% in the three months to September, according to a separate Eurostat release, and is flirting with a recession. But a measure of inflation that excludes energy, food, alcohol and tobacco also declined - to 4.2%, the lowest level since July 2022, from 4.5%.

It is a painful one too, with gross domestic product in the 20 countries that share the euro expected to continue contracting in the final quarter.

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